OR Royalties Inc. — Call Transcript 2026

Good morning, everybody, and thanks for being on today's call. Procedurally, I'll run through our prepared presentation, and then we'll subsequently open up the line for question and answer session. For those participating online via the webcast, you can submit your questions in advance through the webcast platform. Today's presentation will also be available and downloadable online through our corporate website. Please note that there are forward-looking statements in this presentation from which actual results may differ. Please note that all amounts presented and discussed will be in U.S. dollars unless otherwise stated. I'm joined on the call this morning by Fred Ruel, the company's Vice President, Finance and Chief Financial Officer, amongst others indicated on slide three. When looking at OR Royalties' first quarter of 2026, it's safe to say that the company is off to an impressive start. OR Royalties earned 22,740 gold equivalent ounces in the first quarter of 2026, a great start to the year as it relates to our annual delivery guidance of 80,000-90,000 gold equivalent ounces. As a reminder, the company is expecting fairly balanced quarter-over-quarter GEO performance through the rest of the 2026 calendar year. Propelled by the strong performance from our asset base, as well as robust precious metals pricing during the period, OR Royalties achieved record quarterly revenues of $102.8 million, along with peer-leading cash margin of 96.8%. OR Royalties ended the first quarter with $94.9 million in cash, and as at the end of March, we were also completely debt-free. We'll revisit the balance sheet later on in today's formal presentation, as there have been some key movements subsequent to the quarter end that we'll be providing more information on. With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of $0.055 per share in the first quarter, marking its 46th consecutive quarterly dividend with over $288.9 million returned to shareholders to date from these distributions. Subsequent to quarter end, OR Royalties' board of directors approved an 18.2% increase to the base quarterly dividend to $0.065 per common share payable on July 15th, 2026 to shareholders of record as of the close of business June 30th, 2026. The dividend increase itself is a testament of the confidence we have in the consistency, predictability, and the anticipated growth of the current and future cash flows underpinning our business. The 2025 calendar year represented a period of time during which OR Royalties chose to stay on the sidelines and exercise discipline from a corporate development perspective, as it was a period marked by rapidly increasing commodity prices, in most cases, and as a group, we just couldn't get there on the values being paid at the time or the lack of the security in some of the deals we saw got printed last year. That said, our activity picked up significantly in the first quarter of 2026, with the company having announced three new transactions during the period, acquiring 13 new royalties and committing to deploy $438.5 million. More importantly, we proved that we could get deals done at good rates of return and appropriate security, and thus completing these transactions, as well as a fourth one announced just a few weeks ago, at above average industry returns. We'll come back to all of these specific deals shortly. Even with the increased activity we've announced year to date in terms of new investments, OR Royalties' corporate development function remains very busy. There are a lot of prospective deals we are currently working on. Our philosophical approach to these new investment remains unchanged. Given we're often making these investments on assets with 15, 20, 25-year mine lives, we're not willing to settle for NAV dilutive instruments, nor are willing, we're willing to sacrifice having appropriate security in all our streams and royalties. As many of you on the line today know well, unlike many of its peers, OR Royalties has the luxury of being able to walk away from any transactions that doesn't fit this criteria, given our peer-leading near to medium-term organic GEO growth profile. We'll now pivot to the company's financial performance for the first quarter of 2026. As previously noted, quarterly revenues were a record for the company and effectively tracked both increased GEOs earned and higher precious metals prices during the period when compared to the first quarter of 2025. Q1 2026 net earnings of $0.39 per basic common share for the year represented a substantial increase over the first three months of 2025. Most importantly, the first quarter saw a major improvement in cash flow per share versus the same period last year. Finally, positive annual adjusted earnings of $0.40 per basic common share represents 125% increase over the adjusted earnings announced by the company back in Q1 2025. As of May 6, the company had 24 producing assets with the vast majority of our key contributing royalties and streams coming from what we define as Tier-1 mining jurisdictions at just under 75% in aggregate, and that includes GEOs from Canada, the U.S., and Australia. If we were to include Chile as a Tier-1, we'd be closer to 90%. The list on slide six has 24 producing assets, and as we've now included Buenaventura San Gabriel Mine as our transaction to acquire the Gold Fields portfolio is expected to close in the coming days. Recent notable additions to this list include Dalgaranga, as we re-received our first notice of payment from Ramelius in late April, with first payment expected any day now. As well as Agnico Eagle's Amalgamated Kirkland or AK deposit located at Macassa, on which OR holds a 2% NSR royalty. Agnico noted just last week that the mine has now officially gone to produce 40,000 ounces of gold this year at AK. Moving to slide seven and looking at the commodity breakdown for Q1 2026. Over 97% of our GEOs earned came from precious metals, gold at 57.5% and silver at just under 40%, with the remainder coming primarily from copper. Stronger silver prices realized during the quarter versus our budget provided a boost in terms of both GEOs earned, as well as the direct exposure to the metal versus last year's 30% of GEOs and revenue having come from silver. No matter which price deck you're using today or for tomorrow, OR Royalties provides investors with material relative direct exposure to the white metal. Agnico Eagle's Canadian Malartic continued to deliver in the first quarter, performing well versus expectations, primarily as a result of higher grades in ore tons at the Barnat Pit. The higher gold grades in ore tons were a result of continued mining and mineralized zones near historical underground stopes in the Barnat Pit. In additional good news, production from the East Gouldie ramp commenced in March of 2026. All of Agnico's development and construction activities at Canadian Malartic continue to progress on schedule. Construction of the first loading station is scheduled for first production through shaft number one in the second quarter of 2027. Elsewhere, exploration drilling continued to yield positive results in multiple areas of the Odyssey Mine, and Agnico now has a combined 35 drill rigs turning both at Malartic as well as regionally. As reiterated again in their Q1 update last week, Agnico continues to advance the transition to underground mining at Malartic with the construction of the Odyssey Mine, including the development of the Odyssey shaft number one. They also identified the pilot hole for the second shaft and are also advancing internal evaluations on three projects that together have the potential to increase annual throughput. A study covering all three of these projects is expected from Agnico in September of this year. As many of you also follow Agnico Eagle, it is notable that the Chief Operating Officer, Dominique Girard, mentioned in their conference call last week that the life of mine at Malartic, quote-unquote, "Will probably extend to 2060," which is well beyond the last stated life of mine, which to remind people was 2042. At Mantos Blancos, sulfide mill throughput was strong in the first quarter, despite a four-day planned maintenance shutdown, having averaged 19,661 tons per day versus a nameplate of 20,000 tons per day. Based on our current understanding of Capstone's plans for 2026 and anticipated silver grade variability between now and the end of October, Mantos Blancos is expected to have a stronger first half as it relates to OR's GEOs earned, and thus a modestly softer second half of the year. Touching on CSA and based on our previous disclosure, the asset basically performed to budget in the first quarter. Also in line with Harmony's public disclosure on CSA's copper production guidance through the end of their financial year in late June 2026. We're anticipating a weaker quarter in terms of GEOs for our second quarter, owing to Harmony's disclosed one month suspension at CSA to complete necessary structural steelwork underground. As it relates to Harmony's guidance for its fiscal year 2027, as well as our partner's longer term plans at CSA, we'll all have a better understanding later this summer with their FY 2027 copper production guidance announcement and an updated life of mine plan in August. Other notable mentions included a strong quarter at the Sasa Mine in Macedonia, as well as the early benefits of our 2% royalty interest at Namdini in Ghana. This provides a good segue to slide eight. The first two slides that touch on our four most recent transactions, all of which have been announced year to date in 2026. After our quiet 2025 in terms of new investments, I'm delighted today to spend some time discussing all of our recent activity. We actually already discussed these first two transactions on our last quarterly conference call, given that they'd already been announced prior to mid-February, but it's worth circling back to provide a bit more context. At that time, we called Namdini a classic no-brainer, and we obviously continue to stand by that claim. The upfront $98.5 million closed in the first quarter of 2026 and was funded entirely with cash on hand, meaning that our end-of-quarter cash balance is reflective of having paid for the additional 1% NSR at Namdini. Similarly, on our previous conference call, we also expressed our excitement associated with having just announced the acquisition of the portfolio of eight royalties from Gold Fields for $115 million, anchored by a 1.5% NSR royalty on Buenaventura's producing San Gabriel gold and silver mine in Peru, an operating mine which just received its key final permits last week, allowing the operations to really start increasing throughput later this year. The key theme on this page was that Namdini was completed 100% on a bilateral basis, while the Gold Fields acquisition truly demonstrated the creativity of our corporate development team to gain an edge in what was a competitive process. With respect to the latter, while we were able to leverage our relationship and goodwill with Gold Fields given our partnership at Windfall, in addition to the producing San Gabriel royalty, our team sees very good value in the 2.25% NPI over the Aurora Discovery in B.C. and the 2% NSR on the Paris project in Western Australia, which incidentally is located just 12 km southeast of Gold Fields' iconic St. Ives mine. This asset also recently attracted the discovery management team from Dalgaranga. We expect to see strong exploration results in the near term out of these projects. We mentioned in our press release last night that we're confident of completed deals that have been described by sell-side analysts as above-average industry returns. Flipping to slide 10, we are illustrating our two most recent transactions in Spring Valley and Murray Brook, both of which were not disclosed on our last call, and the latter of which was actually announced in mid-April, so subsequent to the first quarter's end. Spring Valley was in some ways very analogous to Namdini in that we took the opportunity to effectively double down on an asset within our portfolio, and one that was already serving as a key growth driver for our royalties when looking at our five-year outlook. While the transaction was once again a public process, we were able to leverage our institutional knowledge on the asset. This transaction closed in April, and as of such, we now own a 6% NSR royalty versus 3% previously on the core claims at Spring Valley, meaning once this project goes into production, estimated in 2028, and after 500,000 ounces of gold have been recovered, Spring Valley will be generating approximately 10,000 GEOs per annum to our account, with our first meaningful payments expected in the 2030 calendar year. The average sell-side IRR at spot prices for this fully funded and fully permitted development asset in a Tier-1 mining jurisdiction was 8.6%. Finally, with Canadian Copper's Murray Brook, we proved that sometimes even smaller deals can come with outsized positive returns. Full credit to our internal team for identifying this under-the-radar opportunity early on, an opportunity that checked all of our boxes. Future precious metal GEOs from a near-term brownfield restart in a Tier-1 mining jurisdiction with major infrastructure and labor advantages. First production for the Murray Brook deposit processed through the pre-existing Caribou mill could occur in late 2028 or early 2029, thanks to what should be an accelerated permitting timeline. While the total transaction value was only $28 million, it provided a crucial piece of financing that has allowed our new partner funding through to production. The calculated average sell-side IRR for Murray Brook was a formidable 21.6%. In summary, we had been previously conveying that OR Royalties had been patiently waiting for the right deals, and based on what I've just outlined, I think we proved to both ourselves and our shareholders that our patience has paid off. We'll continue to take the exact same philosophical, disciplined approach to all additional new investments that we hope to complete in 2026 and beyond. How does this all stack up? Moving to slide 10, where we present the same slide you've seen many, many times, it is very much worthy to note that while our 2030 5-year outlook, originally out in February 2026, took into account future GEOs from the 2% at Namdini and the assets acquired from Gold Fields, including San Gabriel, what the range does not include any additional potential GEOs expected from both our additional coverage at Spring Valley as well as Canadian Copper's Murray Brook project, meaning that there is already confirmed contingency as well as potential upside built into our published 2030 range. Let's move to slide 11, which highlights all the greenfield projects currently in construction and/or advanced development that are currently included in our 5-year outlook. With the caveat that the approximately 10,000 GEOs annually from Spring Valley represents the increased royalty coverage, only half of which is in our official 2030 guidance range, as just discussed. In the not included section, I'll point to a few names. First, there is Canadian Copper's Murray Brook, with that transaction expected to close in the next two weeks. Second, more positive progress continues to be made at Agnico Eagle's Upper Beaver project, with our partners still guiding for a 2030 startup. Given the recent comments by Agnico, we feel that we might see some GEOs in 2030. Third, finally, it was announced last week that Baru Gold has entered into a 90-day exclusivity period, with PricewaterhouseCoopers acting as a receiver in respect to its proposed acquisition of the Eagle Gold Mine in the Yukon. At OR Royalties, this is an exciting announcement that could result in potential future upside to our five-year outlook. A 5% NSR at a Canadian mine that has a good potential for restart before the end of the decade could be additive to our already impressive growth profile. Moving to slide 12, I just wanted to flag a few key items of note on our catalyst page based on some very recent updates provided by our operating partners. First, Gold Fields is now expecting to complete its permitting process and associated finalized First Nation IBA work for Windfall in the third quarter of this year. This keeps the project on track for Gold Fields' publicly disclosed base case timeline, which anticipates first production from Windfall in the first quarter of 2029. Second, last week, South32 provided a comprehensive update on its Hermosa-Taylor development project in Arizona, which is now expecting to see first production from the Taylor Mine in the first half of 2028, previously mid-2027, and ramping up to full throughput and production rates by early 2031, previously mid-2030. The most important takeaway, however, is that our partner remains very much committed to what is eventually set to become a cornerstone asset within its broader portfolio. Finally, we'll end the formal part of the presentation on slide 13, which outlines the current state of OR Royalties' balance sheet. As at the end of March, we were completely debt-free and held approximately $95 million in cash on the balance sheet, which, as previously noted, accounted for the closing of the Namdini Part 2 transaction, along with our associated initial payment of $98.5 million funded with cash. You'll also notice we were active in our buyback program in Q1. As you can see in the cash flow waterfall, we bought back and canceled another $12.9 million of OR shares. Worth noting, however, is that the $168 million Spring Valley transaction closed in April of 2026, and that was funded by a drawdown from the credit facility. Along the same lines, we're expecting the aggregate transactions with Gold Fields to close in the coming days, and that $167 million will also be funded by a combination of balance sheet cash and amounts drawn from the credit facility. The Murray Brook transaction is also imminent, with a total of $9 million of initial cash outflows from OR to be funded with cash off the balance sheet. The long story short, after closing and funding all these transaction, drawn debt on the facility should stand at approximately $230 million, with our cash balance being at just over $30 million. Needless to say, after all this, we still have sufficient liquidity to execute on new streams and royalties as they present themselves over the next months and years. Our corporate development pipeline remains robust, our core focus amidst this opportunity set remains on adding GEOs today and/or GEOs that will contribute to our already peer-leading growth profile between now and 2030. We have a strong desire to continue to grow the business by completing new and accretive transactions, that remains our number one priority. As we've said before, here at OR Royalties, we're not looking to achieve these goals at any cost. With that, I'd like to thank everyone for listening today. We'll now open up the line for questions as well as questions posted on the webcast. If we don't get to all the questions on the line, we'll make sure to respond offline to those that we don't cover on this webcast. Joelle, back to you, please. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Your first question comes from Tanya Jakusconek with Scotiabank. Your line is now open. Hello. I think that's me. Hello. Good morning, Tanya. Morning. Morning. It's always hard to know if that's you or not with these names. Morning, everybody. I just wanted to circle back. First of all, congratulations, Jason, on your four deals that you've done this year. I was just looking at them. They're ranging anywhere, I'm gonna say, like, you know, $50 million-$300 million or thereabout. Is that how I should be thinking about your pipeline that you're looking at? Is it sort of still in that sweet spot for you? Tanya, thank you for your question, thank you for the congratulations on the quarter. Again, do commend our corporate development team for the four deals that we've done this year. I would say again, our sweet spot as we've communicated many, many times, we do look at smaller deals as evidenced by what we did with Canadian Copper. You can think of kind of the sweet spot between $50 million and $300 million. That said, the opportunities, there are a number of deals out there that are significantly above that range, the $550 million-$300 million. As we have exhibited in 2025, though, some of those big deals, we just couldn't get there, both on valuation and on structure. We will continue to be disciplined. We will continue to participate if there are auctions around those bigger transactions. Clearly what's happened with, you know, Wheaton Precious' successful stream on Antamina is there's a lot more conversations, we would say, at both the senior diversified companies and the larger and mid-tier copper cos that have significant byproduct to essentially stream off to fund their capital projects. The deals I would say that we're seeing, they do range from the sweet spot that I said all the way up to some $1 billion transactions. We will be very careful with our shareholders' capital. We, as we've talked about before, we do have obviously very stringent and disciplined hurdles, but that's the environment out there right now, Tanya. I think it's safe to say for us, you know, you can think about $50 million-$300 million is our sweet spot. Jason, as you mentioned, you are very particular in some of the security that you want to have in place in your contracts. Can you remind us what are the critical, let's say, top three that you will not budge on in terms of the security that you're looking for? Yeah. Like, well, or first of all, again, I'll just talk to last year's transactions that we did see. Most of them that we did see, in fact, the majority of them were on streams. And some of the streams that we did see were completely unsecured. Again, there's a whole range or variance or continuum of security associated with these instruments. What I would say is, for ourselves and for our shareholders, we need to essentially, from a risk management perspective, the mining industry is very tough, as you know, Tanya. There can be unexpected events that within assets, within countries, that we certainly need some sort of security. Again, there's a continuum for which we can affect that, for which if an incident does happen, that us effectively we're a creditor at the table, either around a, you know, insolvency or if a mine doesn't to work out, you know, kind of worst case where effectively the mine goes pear-shaped and, you know, effectively it's not delivering as to the expectations. Again, it's something that our team is very focused on. We obviously would like to have a lot of transactions that wouldn't have the workouts that I'm describing, but for a risk management and a shareholder perspective, again, we're insistent that we have some tie of security back to the asset that if something does go wrong, at least we have a seat at the table to negotiate something go forward to protect the capital that we put in. Okay. So Jason, what I'm hearing from you is that you want security at the asset level, is what I took away. How important is it to you to have security from, you know, parent guarantee? How important is that for you? Yeah. Look, again, there's a whole continuum of security, Tanya, and so asset level security would vary from country to country as well. Obviously, if it's a multi-asset company, a parent guarantee or a corporate guarantee would satisfy our requirements just around security and any sort of acquisition go forward. Again, there has to be, in our mind, with large transactions, there has to be some sort of ability for us to essentially sit at the table when things do go wrong. We're hoping that doesn't happen for our peers and for ourselves go forward. As you know, you've been in the industry and the sector as long as I have, that does happen from occasion to occasion. I would assume you'd want also arbitration rights. We've seen those as well. Yes. Um, and then just- That is correct. mainly my last question just on these deals. You mentioned, you know, syndication of deals. Are you seeing any opportunities in the syndication front? Well, the way I'd answer that, Tanya, is clearly you saw us syndicate a deal in Cascabel with Franco-Nevada, it's probably now 18 months ago or almost two years ago. We do like the syndication of deals in jurisdictions that we would say are not Tier-1. That was a very unique circumstance for which I think you know both ourselves and Franco-Nevada already had existing royalties. We'd done a bunch of diligence. We'd been to site multiple times. We're very pleased that obviously what's happened since then is Jiangxi Copper has come in and acquired SolGold because it does provide financial certainty. But that said, again, there's a blueprint there for streaming and royalty companies to work together in specific instances. I would say that we're an advocate of the structure. We're an advocate of syndicating deals that have the certain unique aspects that, again, just point back to Cascabel. We're certainly open for it. I would encourage you to ask the same question to the other royalty and streaming companies that you cover, because I do think there is a mix of attitudes around whether or not they're looking to syndicate or not. It's also why I would say that it's pretty rare. The syndicated deal, I think, was the first one done in 20+ years that we did with Franco-Nevada. Yeah. It's just I don't hear anyone else say it. Okay. Well, then finally, just on the corporate transactions, are there any opportunities there or are you seeing better value in sort of these asset deals? I would say listen, Tanya, we obviously evaluate our sector. We've always said that consolidation should happen in the sector. We've got very good views on valuation of both the mid-tiers and the junior royalty and streaming cos. I would say at this point, again, everything's got a price. At this point we're not seeing a lot of value in that subset of royalty and streaming cos. Things can change rapidly, whether it's the assets getting some good geologic perspectivity, whether, again, every day all our companies trade from, you know, 9:30 to 4:00 P.M. So there is a value for, we believe a value for everything in trans. We're just not there currently today with, again, the subset that I talked about. We're certainly open, and we're certainly aware, and we're certainly monitoring everything. Okay. Thank you so much for taking all my questions. I'll pass it on to someone else. Appreciate it. Thank you, Tanya. We know it's a very busy day for you and the rest of the analysts. Appreciate your time and support. Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from Derick Ma with TD Cowen. Your line is now open. Thank you. If some of these larger $500 million, billion-dollar transactions do materialize in OR's favor, is there sufficient liquidity and flexibility available to the business to execute? How are you thinking about the NCIB in the context of the current deal market? Yeah, really good question, Derick. Thank you for that. Again, I think it really depends on the transaction that we've been talking about. We do have sufficient liquidity under a revolving facility, as you know. We've got $650 undrawn as of the quarter one with a $200 million accordion. Obviously, we've now deployed quite a bit. As I mentioned in my comments, we're expecting to have a drawn by the time we close all these transactions of $230 million, with some cash of about $30. We are obviously making quite a bit of cash flow quarter-over-quarter, that comes into the lens. Look, if there was a really unique opportunity that met all the, checked all their boxes, met their hurdle rates, was in a good jurisdiction. Obviously, we've got a really good relationship with our bank syndicate. We've got plenty of capacity. If you think about the way they think things through things around compliance tests such as EBITDA as well as leverage ratios, we could certainly extend that revolver if we saw something that was really appealing for us. I would say at this stage, we're not having any of those discussions. That might give you some hints as to Again, we really believe we got sufficient liquidity to execute on our business plan given the opportunity set that we're seeing currently. This is a business model that I think can support quite a bit of leverage, but what is the leverage ratio that you're ultimately comfortable with if it did. Yeah. if a deal did materialize? Yeah. Obviously, what informs our leverage if we were to do a significant sizable transaction is the commodity price underpinning whatever we're doing. We are certainly a precious metals vehicle, so let's, for argument's sake, say it's a gold or silver transaction. I think the way and I'll ask Fred to comment here too if he likes. The way we think about our business is if there was an exceptional opportunity we thought being very accretive, we wouldn't want to go much past 2x EBITDA levels, debt to EBITDA levels. For an exceptional opportunity, we could kind of stretch to 2.5, but this would be an opportunity that again, would be paying GEOs for us, so we get back down to 2x EBITDA very quickly and then continue to pay off our revolver. We're quite comfortable if that was a scenario and situation, but it would have to be a very unique opportunity for us. Look, there's also other avenues or instruments too that doesn't necessarily have to be through the revolver. If you look at what Wheaton did with their Antamina transaction, they got a term loan from a syndicate as well. That's certainly available to us as well with the right opportunity. Got it. Let me ask you on jurisdictional risk then. There's the high concentration of assets in Tier-1 jurisdictions for OR that's been a trademark of the portfolio. How does jurisdictional- Yeah risk factor into the assessment of new transactions going forward, given there's arguably some room to take on more jurisdictional risk in the portfolio? I think it's a really good question, Derick. I think this is what differentiates our company from our peers. We do take great pride in again, having what we classify as the majority of our assets in Tier-1 jurisdictions. It would be very off-brand for us to take a material transaction in a non Tier-1 jurisdiction. You can think Africa or, you know, other jurisdictions that we wouldn't classify as Tier-1. It'd be very off-brand for us to do a material transaction because, again, we do believe this is what differentiates ourselves. We do like doing transactions, we have a filter when we're looking at prospective opportunities and the filter is, you know, the Tier-1 jurisdiction filter. Because the way we see things going forward and the house view is especially, given the turbulent times that we anticipate around kind of geopolitical aspects and geopolitical strife, as well as you couple that with the, quite robust commodity environment. We would expect, you know, countries that don't necessarily have a rule of law or deep mining history that they're going to trying to extract through, windfall taxes or increased royalties in countries. We've already started to see that, to essentially get some more value for them in the assets versus, again, what we consider Tier-1 jurisdictions, where it's obviously got established rule of law, deep mining history, and these governments and, stakeholders really do understand what mining can provide for communities, governments, and the sort. We do have a strong filter at looking at, again, transactions in North America. It's no accident, therefore, when you look at the four transactions that we did print in 2026, there were a couple of them, the one being in Ghana, the other one being in Peru, that our team was very focused on making sure we had the ballast come back with the transactions at Spring Valley, Nevada, and obviously Canadian Copper, in Canada here. We do think through that frequently. We do debate it quite a bit. As I said, it'd be very off-brand for us to do a very large stream in an African country that would change, again, the jurisdictional exposure that we think insulates us and provides a superior investment vehicle to our shareholders. Got it. Thanks for taking my questions, and good luck. Thank you, Derick. Your next question comes from Brian MacArthur with Raymond James. Your line is now open. Good morning, Jason. I just want to follow up on that. One of your bigger projects that's coming on is Amulsar. A couple questions. First, I don't know if you can give me security on that, but what I'm more interested is whether you take that in kind or whether you have to have the risk of them shipping out of the country. The second thing, just on your comment there, because I do think it is something that is unique and helps Osisko. If someone were to give you a very good price for something like Amulsar, would you be willing to sell that if it to improve the multiple technically, 'cause maybe it sits somewhere else better than someone else, but on the other hand, that 6,000 oz is pretty big. Yeah, really good question. Look, the way we'd answer that is you have to recall that Amulsar was a legacy asset. Yeah That, right? Mike Spencer's in the room here, and he's basically spent the last eight years of his life, effectively getting that through a workout, as you know, with Orion Mine Finance to the point where we're effectively looking at first gold by this summer. Again, well done in essentially taking a legacy workout and making sure that we can continue to extract or get GEOs from it. It is, again, it's not a material if you think about, and I don't know what your number is, but again, we can take this offline in terms of the 2030 outlook. It's not a material contributor to our overall. There is some ounces that we're including in our internal 2030 outlook, but it's, again, it's not material, if you think about the overall growth in our, in our portfolio. To answer the question about whether or not we'd sell that position, I think we've always said we're open for business. If someone was going to lay down something significant that we saw was good for our shareholders and quite accretive understanding kind of the risks and opportunities in Armenia, absolutely we would consider it. We do think it's a very good asset. We do think that the management team, the United Group, is doing a very good job of moving that forward. Again, I think that's the best way we can answer that question. It is a legacy asset. It is a legacy workout. You know, all the commendations that to Mike and his team for essentially, you know, we're going to be extracting GEOs for our shareholders in the next few years because of just us sticking with it and a workout. Fair enough. Then do you get that in kind, or is it like, someone delivers you a, paper somewhere at the end of the day? It's in kind. Okay. Thank you very much, Jason. All right, Brian. There are no further questions at this time. I will now turn the call over to Jason for closing remarks. There are no further questions? No. I'm sorry, can you hear me? Yes, we can. Okay. Okay. Thank you, Joelle. Before we wrap up today's call, I want to leave you with a final thought on our royalties. As a management team, we focus on capital returns and hence why we bought shares back in the quarter and increased our dividend by 18%. We'll continue to keep shareholder returns at the forefront of all our strategic decisions. With that, thank you for your attention today. We do appreciate your support. We'll talk to you next quarter. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line.

Speaker 3: Good morning, everybody, and thanks for being on today's call. Procedurally, I'll run through our prepared presentation, and then we'll subsequently open up the line for question and answer session. For those participating online via the webcast, you can submit your questions in advance through the webcast platform. Today's presentation will also be available and downloadable online through our corporate website. Please note that there are forward-looking statements in this presentation from which actual results may differ. Please note that all amounts presented and discussed will be in U.S. dollars unless otherwise stated. I'm joined on the call this morning by Fred Ruel, the company's Vice President, Finance and Chief Financial Officer, amongst others indicated on slide three. When looking at OR Royalties' first quarter of 2026, it's safe to say that the company is off to an impressive start. Good morning, everybody, and thanks for being on today's call. good morning everybody and thanks for being on today's call Procedurally, I'll run through our prepared presentation, and then we'll subsequently open up the line for question and answer session. procedurally i'll run through our prepared presentation and then we'll subsequently open up the line for question and answer session For those participating online via the webcast, you can submit your questions in advance through the webcast platform. for those participating online via the webcast you can submit your questions in advance through the webcast platform Today's presentation will also be available and downloadable online through our corporate website. today's presentation will also be available and downloadable online through our corporate website Please note that there are forward-looking statements in this presentation from which actual results may differ. please note that there are forward-looking statements in this presentation from which actual results may differ Please note that all amounts presented and discussed will be in U.S. dollars unless otherwise stated. please note that all amounts presented and discussed will be in u.s dollars unless otherwise stated I'm joined on the call this morning by Fred Ruel, the company's Vice President, Finance and Chief Financial Officer, amongst others indicated on slide three. i'm joined on the call this morning by fred ruel the company's vice president finance and chief financial officer amongst others indicated on slide three When looking at OR Royalties' first quarter of 2026, it's safe to say that the company is off to an impressive start. when looking at or royalties' first quarter of 2026 it's safe to say that the company is off to an impressive start OR Royalties earned 22,740 gold equivalent ounces in the first quarter of 2026, a great start to the year as it relates to our annual delivery guidance of 80,000-90,000 gold equivalent ounces. As a reminder, the company is expecting fairly balanced quarter-over-quarter GEO performance through the rest of the 2026 calendar year. Propelled by the strong performance from our asset base, as well as robust precious metals pricing during the period, OR Royalties achieved record quarterly revenues of $102.8 million, along with peer-leading cash margin of 96.8%. OR Royalties ended the first quarter with $94.9 million in cash, and as at the end of March, we were also completely debt-free. OR Royalties earned 22,740 gold equivalent ounces in the first quarter of 2026, a great start to the year as it relates to our annual delivery guidance of 80,000-90,000 gold equivalent ounces. or royalties earned 22,740 gold equivalent ounces in the first quarter of 2026 a great start to the year as it relates to our annual delivery guidance of 80,000-90,000 gold equivalent ounces As a reminder, the company is expecting fairly balanced quarter-over-quarter GEO performance through the rest of the 2026 calendar year. as a reminder the company is expecting fairly balanced quarter-over-quarter geo performance through the rest of the 2026 calendar year Propelled by the strong performance from our asset base, as well as robust precious metals pricing during the period, OR Royalties achieved record quarterly revenues of $102.8 million, along with peer-leading cash margin of 96.8%. propelled by the strong performance from our asset base as well as robust precious metals pricing during the period or royalties achieved record quarterly revenues of $102.8 million along with peer-leading cash margin of 96.8% OR Royalties ended the first quarter with $94.9 million in cash, and as at the end of March, we were also completely debt-free. or royalties ended the first quarter with $94.9 million in cash and as at the end of march we were also completely debt-free We'll revisit the balance sheet later on in today's formal presentation, as there have been some key movements subsequent to the quarter end that we'll be providing more information on. With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of $0.055 per share in the first quarter, marking its 46th consecutive quarterly dividend with over $288.9 million returned to shareholders to date from these distributions. Subsequent to quarter end, OR Royalties' board of directors approved an 18.2% increase to the base quarterly dividend to $0.065 per common share payable on July 15th, 2026 to shareholders of record as of the close of business June 30th, 2026. We'll revisit the balance sheet later on in today's formal presentation, as there have been some key movements subsequent to the quarter end that we'll be providing more information on. we'll revisit the balance sheet later on in today's formal presentation as there have been some key movements subsequent to the quarter end that we'll be providing more information on With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of $0.055 per share in the first quarter, marking its 46th consecutive quarterly dividend with over $288.9 million returned to shareholders to date from these distributions. with respect to our ongoing commitment to return capital to shareholders the company declared and paid its quarterly dividend of $0.055 per share in the first quarter marking its 46th consecutive quarterly dividend with over $288.9 million returned to shareholders to date from these distributions Subsequent to quarter end, OR Royalties' board of directors approved an 18.2% increase to the base quarterly dividend to $0.065 per common share payable on July 15th, 2026 to shareholders of record as of the close of business June 30th, 2026. subsequent to quarter end or royalties' board of directors approved an 18.2% increase to the base quarterly dividend to $0.065 per common share payable on july 15th 2026 to shareholders of record as of the close of business june 30th 2026 The dividend increase itself is a testament of the confidence we have in the consistency, predictability, and the anticipated growth of the current and future cash flows underpinning our business. The 2025 calendar year represented a period of time during which OR Royalties chose to stay on the sidelines and exercise discipline from a corporate development perspective, as it was a period marked by rapidly increasing commodity prices, in most cases, and as a group, we just couldn't get there on the values being paid at the time or the lack of the security in some of the deals we saw got printed last year. That said, our activity picked up significantly in the first quarter of 2026, with the company having announced three new transactions during the period, acquiring 13 new royalties and committing to deploy $438.5 million. The dividend increase itself is a testament of the confidence we have in the consistency, predictability, and the anticipated growth of the current and future cash flows underpinning our business. the dividend increase itself is a testament of the confidence we have in the consistency predictability and the anticipated growth of the current and future cash flows underpinning our business The 2025 calendar year represented a period of time during which OR Royalties chose to stay on the sidelines and exercise discipline from a corporate development perspective, as it was a period marked by rapidly increasing commodity prices, in most cases, and as a group, we just couldn't get there on the values being paid at the time or the lack of the security in some of the deals we saw got printed last year. the 2025 calendar year represented a period of time during which or royalties chose to stay on the sidelines and exercise discipline from a corporate development perspective as it was a period marked by rapidly increasing commodity prices in most cases and as a group we just couldn't get there on the values being paid at the time or the lack of the security in some of the deals we saw got printed last year That said, our activity picked up significantly in the first quarter of 2026, with the company having announced three new transactions during the period, acquiring 13 new royalties and committing to deploy $438.5 million. that said our activity picked up significantly in the first quarter of 2026 with the company having announced three new transactions during the period acquiring 13 new royalties and committing to deploy $438.5 million More importantly, we proved that we could get deals done at good rates of return and appropriate security, and thus completing these transactions, as well as a fourth one announced just a few weeks ago, at above average industry returns. We'll come back to all of these specific deals shortly. Even with the increased activity we've announced year to date in terms of new investments, OR Royalties' corporate development function remains very busy. There are a lot of prospective deals we are currently working on. Our philosophical approach to these new investment remains unchanged. Given we're often making these investments on assets with 15, 20, 25-year mine lives, we're not willing to settle for NAV dilutive instruments, nor are willing, we're willing to sacrifice having appropriate security in all our streams and royalties. More importantly, we proved that we could get deals done at good rates of return and appropriate security, and thus completing these transactions, as well as a fourth one announced just a few weeks ago, at above average industry returns. more importantly we proved that we could get deals done at good rates of return and appropriate security and thus completing these transactions as well as a fourth one announced just a few weeks ago at above average industry returns We'll come back to all of these specific deals shortly. we'll come back to all of these specific deals shortly Even with the increased activity we've announced year to date in terms of new investments, OR Royalties' corporate development function remains very busy. even with the increased activity we've announced year to date in terms of new investments or royalties' corporate development function remains very busy There are a lot of prospective deals we are currently working on. there are a lot of prospective deals we are currently working on Our philosophical approach to these new investment remains unchanged. our philosophical approach to these new investment remains unchanged Given we're often making these investments on assets with 15, 20, 25-year mine lives, we're not willing to settle for NAV dilutive instruments, nor are willing, we're willing to sacrifice having appropriate security in all our streams and royalties. given we're often making these investments on assets with 15 20 25-year mine lives we're not willing to settle for nav dilutive instruments nor are willing we're willing to sacrifice having appropriate security in all our streams and royalties As many of you on the line today know well, unlike many of its peers, OR Royalties has the luxury of being able to walk away from any transactions that doesn't fit this criteria, given our peer-leading near to medium-term organic GEO growth profile. We'll now pivot to the company's financial performance for the first quarter of 2026. As previously noted, quarterly revenues were a record for the company and effectively tracked both increased GEOs earned and higher precious metals prices during the period when compared to the first quarter of 2025. Q1 2026 net earnings of $0.39 per basic common share for the year represented a substantial increase over the first three months of 2025. Most importantly, the first quarter saw a major improvement in cash flow per share versus the same period last year. As many of you on the line today know well, unlike many of its peers, OR Royalties has the luxury of being able to walk away from any transactions that doesn't fit this criteria, given our peer-leading near to medium-term organic GEO growth profile. as many of you on the line today know well unlike many of its peers or royalties has the luxury of being able to walk away from any transactions that doesn't fit this criteria given our peer-leading near to medium-term organic geo growth profile We'll now pivot to the company's financial performance for the first quarter of 2026. we'll now pivot to the company's financial performance for the first quarter of 2026 As previously noted, quarterly revenues were a record for the company and effectively tracked both increased GEOs earned and higher precious metals prices during the period when compared to the first quarter of 2025. as previously noted quarterly revenues were a record for the company and effectively tracked both increased geos earned and higher precious metals prices during the period when compared to the first quarter of 2025 Q1 2026 net earnings of $0.39 per basic common share for the year represented a substantial increase over the first three months of 2025. q1 2026 net earnings of $0.39 per basic common share for the year represented a substantial increase over the first three months of 2025 Most importantly, the first quarter saw a major improvement in cash flow per share versus the same period last year. most importantly the first quarter saw a major improvement in cash flow per share versus the same period last year Finally, positive annual adjusted earnings of $0.40 per basic common share represents 125% increase over the adjusted earnings announced by the company back in Q1 2025. As of May 6, the company had 24 producing assets with the vast majority of our key contributing royalties and streams coming from what we define as Tier-1 mining jurisdictions at just under 75% in aggregate, and that includes GEOs from Canada, the U.S., and Australia. If we were to include Chile as a Tier-1, we'd be closer to 90%. The list on slide six has 24 producing assets, and as we've now included Buenaventura San Gabriel Mine as our transaction to acquire the Gold Fields portfolio is expected to close in the coming days. Finally, positive annual adjusted earnings of $0.40 per basic common share represents 125% increase over the adjusted earnings announced by the company back in Q1 2025. finally positive annual adjusted earnings of $0.40 per basic common share represents 125% increase over the adjusted earnings announced by the company back in q1 2025 As of May 6, the company had 24 producing assets with the vast majority of our key contributing royalties and streams coming from what we define as Tier-1 mining jurisdictions at just under 75% in aggregate, and that includes GEOs from Canada, the U.S., and Australia. If we were to include Chile as a Tier- 1, we'd be closer to 90%. as of may 6 the company had 24 producing assets with the vast majority of our key contributing royalties and streams coming from what we define as tier-1 mining jurisdictions at just under 75% in aggregate and that includes geos from canada the u.s and australia. if we were to include chile as a tier- 1 we'd be closer to 90% The list on slide six has 24 producing assets, and as we've now included Buenaventura San Gabriel Mine as our transaction to acquire the Gold Fields portfolio is expected to close in the coming days. the list on slide six has 24 producing assets and as we've now included buenaventura san gabriel mine as our transaction to acquire the gold fields portfolio is expected to close in the coming days Recent notable additions to this list include Dalgaranga, as we re-received our first notice of payment from Ramelius in late April, with first payment expected any day now. As well as Agnico Eagle's Amalgamated Kirkland or AK deposit located at Macassa, on which OR holds a 2% NSR royalty. Agnico noted just last week that the mine has now officially gone to produce 40,000 ounces of gold this year at AK. Moving to slide seven and looking at the commodity breakdown for Q1 2026. Over 97% of our GEOs earned came from precious metals, gold at 57.5% and silver at just under 40%, with the remainder coming primarily from copper. Recent notable additions to this list include Dalgaranga, as we re-received our first notice of payment from Ramelius in late April, with first payment expected any day now. recent notable additions to this list include dalgaranga as we re-received our first notice of payment from ramelius in late april with first payment expected any day now As well as Agnico Eagle's Amalgamated Kirkland or AK deposit located at Macassa, on which OR holds a 2% NSR royalty. as well as agnico eagle's amalgamated kirkland or ak deposit located at macassa on which or holds a 2% nsr royalty Agnico noted just last week that the mine has now officially gone to produce 40,000 ounces of gold this year at AK. agnico noted just last week that the mine has now officially gone to produce 40,000 ounces of gold this year at ak Moving to slide seven and looking at the commodity breakdown for Q1 2026. moving to slide seven and looking at the commodity breakdown for q1 2026 Over 97% of our GEOs earned came from precious metals, gold at 57.5% and silver at just under 40%, with the remainder coming primarily from copper. over 97% of our geos earned came from precious metals gold at 57.5% and silver at just under 40% with the remainder coming primarily from copper Stronger silver prices realized during the quarter versus our budget provided a boost in terms of both GEOs earned, as well as the direct exposure to the metal versus last year's 30% of GEOs and revenue having come from silver. No matter which price deck you're using today or for tomorrow, OR Royalties provides investors with material relative direct exposure to the white metal. Agnico Eagle's Canadian Malartic continued to deliver in the first quarter, performing well versus expectations, primarily as a result of higher grades in ore tons at the Barnat Pit. The higher gold grades in ore tons were a result of continued mining and mineralized zones near historical underground stopes in the Barnat Pit. In additional good news, production from the East Gouldie ramp commenced in March of 2026. All of Agnico's development and construction activities at Canadian Malartic continue to progress on schedule. Stronger silver prices realized during the quarter versus our budget provided a boost in terms of both GEOs earned, as well as the direct exposure to the metal versus last year's 30% of GEOs and revenue having come from silver. stronger silver prices realized during the quarter versus our budget provided a boost in terms of both geos earned as well as the direct exposure to the metal versus last year's 30% of geos and revenue having come from silver No matter which price deck you're using today or for tomorrow, OR Royalties provides investors with material relative direct exposure to the white metal. no matter which price deck you're using today or for tomorrow or royalties provides investors with material relative direct exposure to the white metal Agnico Eagle's Canadian Malartic continued to deliver in the first quarter, performing well versus expectations, primarily as a result of higher grades in ore tons at the Barnat Pit. agnico eagle's canadian malartic continued to deliver in the first quarter performing well versus expectations primarily as a result of higher grades in ore tons at the barnat pit The higher gold grades in ore tons were a result of continued mining and mineralized zones near historical underground stopes in the Barnat Pit. the higher gold grades in ore tons were a result of continued mining and mineralized zones near historical underground stopes in the barnat pit In additional good news, production from the East Gouldie ramp commenced in March of 2026. in additional good news production from the east gouldie ramp commenced in march of 2026 All of Agnico's development and construction activities at Canadian Malartic continue to progress on schedule. all of agnico's development and construction activities at canadian malartic continue to progress on schedule Construction of the first loading station is scheduled for first production through shaft number one in the second quarter of 2027. Elsewhere, exploration drilling continued to yield positive results in multiple areas of the Odyssey Mine, and Agnico now has a combined 35 drill rigs turning both at Malartic as well as regionally. As reiterated again in their Q1 update last week, Agnico continues to advance the transition to underground mining at Malartic with the construction of the Odyssey Mine, including the development of the Odyssey shaft number one. They also identified the pilot hole for the second shaft and are also advancing internal evaluations on three projects that together have the potential to increase annual throughput. A study covering all three of these projects is expected from Agnico in September of this year. Construction of the first loading station is scheduled for first production through shaft number one in the second quarter of 2027. construction of the first loading station is scheduled for first production through shaft number one in the second quarter of 2027 Elsewhere, exploration drilling continued to yield positive results in multiple areas of the Odyssey Mine, and Agnico now has a combined 35 drill rigs turning both at Malartic as well as regionally. elsewhere exploration drilling continued to yield positive results in multiple areas of the odyssey mine and agnico now has a combined 35 drill rigs turning both at malartic as well as regionally As reiterated again in their Q1 update last week, Agnico continues to advance the transition to underground mining at Malartic with the construction of the Odyssey Mine, including the development of the Odyssey shaft number one. as reiterated again in their q1 update last week agnico continues to advance the transition to underground mining at malartic with the construction of the odyssey mine including the development of the odyssey shaft number one They also identified the pilot hole for the second shaft and are also advancing internal evaluations on three projects that together have the potential to increase annual throughput. they also identified the pilot hole for the second shaft and are also advancing internal evaluations on three projects that together have the potential to increase annual throughput A study covering all three of these projects is expected from Agnico in September of this year. a study covering all three of these projects is expected from agnico in september of this year As many of you also follow Agnico Eagle, it is notable that the Chief Operating Officer, Dominique Girard, mentioned in their conference call last week that the life of mine at Malartic, quote-unquote, "Will probably extend to 2060," which is well beyond the last stated life of mine, which to remind people was 2042. At Mantos Blancos, sulfide mill throughput was strong in the first quarter, despite a four-day planned maintenance shutdown, having averaged 19,661 tons per day versus a nameplate of 20,000 tons per day. Based on our current understanding of Capstone's plans for 2026 and anticipated silver grade variability between now and the end of October, Mantos Blancos is expected to have a stronger first half as it relates to OR's GEOs earned, and thus a modestly softer second half of the year. As many of you also follow Agnico Eagle, it is notable that the Chief Operating Officer, Dominique Girard, mentioned in their conference call last week that the life of mine at Malartic, quote-unquote, "Will probably extend to 2060," which is well beyond the last stated life of mine, which to remind people was 2042. as many of you also follow agnico eagle it is notable that the chief operating officer dominique girard mentioned in their conference call last week that the life of mine at malartic quote-unquote "will probably extend to 2060," which is well beyond the last stated life of mine which to remind people was 2042 At Mantos Blancos, sulfide mill throughput was strong in the first quarter, despite a four-day planned maintenance shutdown, having averaged 19,661 tons per day versus a nameplate of 20,000 tons per day. at mantos blancos sulfide mill throughput was strong in the first quarter despite a four-day planned maintenance shutdown having averaged 19,661 tons per day versus a nameplate of 20,000 tons per day Based on our current understanding of Capstone's plans for 2026 and anticipated silver grade variability between now and the end of October, Mantos Blancos is expected to have a stronger first half as it relates to OR's GEOs earned, and thus a modestly softer second half of the year. based on our current understanding of capstone's plans for 2026 and anticipated silver grade variability between now and the end of october mantos blancos is expected to have a stronger first half as it relates to or's geos earned and thus a modestly softer second half of the year Touching on CSA and based on our previous disclosure, the asset basically performed to budget in the first quarter. Also in line with Harmony's public disclosure on CSA's copper production guidance through the end of their financial year in late June 2026. We're anticipating a weaker quarter in terms of GEOs for our second quarter, owing to Harmony's disclosed one month suspension at CSA to complete necessary structural steelwork underground. As it relates to Harmony's guidance for its fiscal year 2027, as well as our partner's longer term plans at CSA, we'll all have a better understanding later this summer with their FY 2027 copper production guidance announcement and an updated life of mine plan in August. Other notable mentions included a strong quarter at the Sasa Mine in Macedonia, as well as the early benefits of our 2% royalty interest at Namdini in Ghana. Touching on CSA and based on our previous disclosure, the asset basically performed to budget in the first quarter. touching on csa and based on our previous disclosure the asset basically performed to budget in the first quarter Also in line with Harmony's public disclosure on CSA's copper production guidance through the end of their financial year in late June 2026. also in line with harmony's public disclosure on csa's copper production guidance through the end of their financial year in late june 2026 We're anticipating a weaker quarter in terms of GEOs for our second quarter, owing to Harmony's disclosed one month suspension at CSA to complete necessary structural steelwork underground. we're anticipating a weaker quarter in terms of geos for our second quarter owing to harmony's disclosed one month suspension at csa to complete necessary structural steelwork underground As it relates to Harmony's guidance for its fiscal year 2027, as well as our partner's longer term plans at CSA, we'll all have a better understanding later this summer with their FY 2027 copper production guidance announcement and an updated life of mine plan in August. as it relates to harmony's guidance for its fiscal year 2027 as well as our partner's longer term plans at csa we'll all have a better understanding later this summer with their fy 2027 copper production guidance announcement and an updated life of mine plan in august Other notable mentions included a strong quarter at the Sasa Mine in Macedonia, as well as the early benefits of our 2% royalty interest at Namdini in Ghana. other notable mentions included a strong quarter at the sasa mine in macedonia as well as the early benefits of our 2% royalty interest at namdini in ghana This provides a good segue to slide eight. The first two slides that touch on our four most recent transactions, all of which have been announced year to date in 2026. After our quiet 2025 in terms of new investments, I'm delighted today to spend some time discussing all of our recent activity. We actually already discussed these first two transactions on our last quarterly conference call, given that they'd already been announced prior to mid-February, but it's worth circling back to provide a bit more context. At that time, we called Namdini a classic no-brainer, and we obviously continue to stand by that claim. The upfront $98.5 million closed in the first quarter of 2026 and was funded entirely with cash on hand, meaning that our end-of-quarter cash balance is reflective of having paid for the additional 1% NSR at Namdini. This provides a good segue to slide eight. this provides a good segue to slide eight The first two slides that touch on our four most recent transactions, all of which have been announced year to date in 2026. the first two slides that touch on our four most recent transactions all of which have been announced year to date in 2026 After our quiet 2025 in terms of new investments, I'm delighted today to spend some time discussing all of our recent activity. after our quiet 2025 in terms of new investments i'm delighted today to spend some time discussing all of our recent activity We actually already discussed these first two transactions on our last quarterly conference call, given that they'd already been announced prior to mid-February, but it's worth circling back to provide a bit more context. At that time, we called Namdini a classic no-brainer, and we obviously continue to stand by that claim. we actually already discussed these first two transactions on our last quarterly conference call given that they'd already been announced prior to mid-february but it's worth circling back to provide a bit more context. at that time we called namdini a classic no-brainer and we obviously continue to stand by that claim The upfront $98.5 million closed in the first quarter of 2026 and was funded entirely with cash on hand, meaning that our end-of-quarter cash balance is reflective of having paid for the additional 1% NSR at Namdini. the upfront $98.5 million closed in the first quarter of 2026 and was funded entirely with cash on hand meaning that our end-of-quarter cash balance is reflective of having paid for the additional 1% nsr at namdini Similarly, on our previous conference call, we also expressed our excitement associated with having just announced the acquisition of the portfolio of eight royalties from Gold Fields for $115 million, anchored by a 1.5% NSR royalty on Buenaventura's producing San Gabriel gold and silver mine in Peru, an operating mine which just received its key final permits last week, allowing the operations to really start increasing throughput later this year. The key theme on this page was that Namdini was completed 100% on a bilateral basis, while the Gold Fields acquisition truly demonstrated the creativity of our corporate development team to gain an edge in what was a competitive process. Similarly, on our previous conference call, we also expressed our excitement associated with having just announced the acquisition of the portfolio of eight royalties from Gold Fields for $115 million, anchored by a 1.5% NSR royalty on Buenaventura's producing San Gabriel gold and silver mine in Peru, an operating mine which just received its key final permits last week, allowing the operations to really start increasing throughput later this year. similarly on our previous conference call we also expressed our excitement associated with having just announced the acquisition of the portfolio of eight royalties from gold fields for $115 million anchored by a 1.5% nsr royalty on buenaventura's producing san gabriel gold and silver mine in peru an operating mine which just received its key final permits last week allowing the operations to really start increasing throughput later this year The key theme on this page was that Namdini was completed 100% on a bilateral basis, while the Gold Fields acquisition truly demonstrated the creativity of our corporate development team to gain an edge in what was a competitive process. the key theme on this page was that namdini was completed 100% on a bilateral basis while the gold fields acquisition truly demonstrated the creativity of our corporate development team to gain an edge in what was a competitive process With respect to the latter, while we were able to leverage our relationship and goodwill with Gold Fields given our partnership at Windfall, in addition to the producing San Gabriel royalty, our team sees very good value in the 2.25% NPI over the Aurora Discovery in B.C. and the 2% NSR on the Paris project in Western Australia, which incidentally is located just 12 km southeast of Gold Fields' iconic St. Ives mine. This asset also recently attracted the discovery management team from Dalgaranga. We expect to see strong exploration results in the near term out of these projects. We mentioned in our press release last night that we're confident of completed deals that have been described by sell-side analysts as above-average industry returns. With respect to the latter, while we were able to leverage our relationship and goodwill with Gold Fields given our partnership at Windfall, in addition to the producing San Gabriel royalty, our team sees very good value in the 2.25% NPI over the Aurora Discovery in B.C. and the 2% NSR on the Paris project in Western Australia, which incidentally is located just 12 km southeast of Gold Fields' iconic St. Ives mine. with respect to the latter while we were able to leverage our relationship and goodwill with gold fields given our partnership at windfall in addition to the producing san gabriel royalty our team sees very good value in the 2.25% npi over the aurora discovery in b.c and the 2% nsr on the paris project in western australia which incidentally is located just 12 km southeast of gold fields' iconic st ives mine This asset also recently attracted the discovery management team from Dalgaranga. this asset also recently attracted the discovery management team from dalgaranga We expect to see strong exploration results in the near term out of these projects. we expect to see strong exploration results in the near term out of these projects We mentioned in our press release last night that we're confident of completed deals that have been described by sell-side analysts as above-average industry returns. we mentioned in our press release last night that we're confident of completed deals that have been described by sell-side analysts as above-average industry returns Flipping to slide 10, we are illustrating our two most recent transactions in Spring Valley and Murray Brook, both of which were not disclosed on our last call, and the latter of which was actually announced in mid-April, so subsequent to the first quarter's end. Spring Valley was in some ways very analogous to Namdini in that we took the opportunity to effectively double down on an asset within our portfolio, and one that was already serving as a key growth driver for our royalties when looking at our five-year outlook. While the transaction was once again a public process, we were able to leverage our institutional knowledge on the asset. Flipping to slide 10, we are illustrating our two most recent transactions in Spring Valley and Murray Brook, both of which were not disclosed on our last call, and the latter of which was actually announced in mid-April, so subsequent to the first quarter's end. flipping to slide 10 we are illustrating our two most recent transactions in spring valley and murray brook both of which were not disclosed on our last call and the latter of which was actually announced in mid-april so subsequent to the first quarter's end Spring Valley was in some ways very analogous to Namdini in that we took the opportunity to effectively double down on an asset within our portfolio, and one that was already serving as a key growth driver for our royalties when looking at our five-year outlook. spring valley was in some ways very analogous to namdini in that we took the opportunity to effectively double down on an asset within our portfolio and one that was already serving as a key growth driver for our royalties when looking at our five-year outlook While the transaction was once again a public process, we were able to leverage our institutional knowledge on the asset. while the transaction was once again a public process we were able to leverage our institutional knowledge on the asset This transaction closed in April, and as of such, we now own a 6% NSR royalty versus 3% previously on the core claims at Spring Valley, meaning once this project goes into production, estimated in 2028, and after 500,000 ounces of gold have been recovered, Spring Valley will be generating approximately 10,000 GEOs per annum to our account, with our first meaningful payments expected in the 2030 calendar year. The average sell-side IRR at spot prices for this fully funded and fully permitted development asset in a Tier-1 mining jurisdiction was 8.6%. Finally, with Canadian Copper's Murray Brook, we proved that sometimes even smaller deals can come with outsized positive returns. Full credit to our internal team for identifying this under-the-radar opportunity early on, an opportunity that checked all of our boxes. This transaction closed in April, and as of such, we now own a 6% NSR royalty versus 3% previously on the core claims at Spring Valley, meaning once this project goes into production, estimated in 2028, and after 500,000 ounces of gold have been recovered, Spring Valley will be generating approximately 10,000 GEOs per annum to our account, with our first meaningful payments expected in the 2030 calendar year. this transaction closed in april and as of such we now own a 6% nsr royalty versus 3% previously on the core claims at spring valley meaning once this project goes into production estimated in 2028 and after 500,000 ounces of gold have been recovered spring valley will be generating approximately 10,000 geos per annum to our account with our first meaningful payments expected in the 2030 calendar year The average sell-side IRR at spot prices for this fully funded and fully permitted development asset in a Tier- 1 mining jurisdiction was 8.6%. the average sell-side irr at spot prices for this fully funded and fully permitted development asset in a tier- 1 mining jurisdiction was 8.6% Finally, with Canadian Copper's Murray Brook, we proved that sometimes even smaller deals can come with outsized positive returns. finally with canadian copper's murray brook we proved that sometimes even smaller deals can come with outsized positive returns Full credit to our internal team for identifying this under-the-radar opportunity early on, an opportunity that checked all of our boxes. full credit to our internal team for identifying this under-the-radar opportunity early on an opportunity that checked all of our boxes Future precious metal GEOs from a near-term brownfield restart in a Tier-1 mining jurisdiction with major infrastructure and labor advantages. First production for the Murray Brook deposit processed through the pre-existing Caribou mill could occur in late 2028 or early 2029, thanks to what should be an accelerated permitting timeline. While the total transaction value was only $28 million, it provided a crucial piece of financing that has allowed our new partner funding through to production. The calculated average sell-side IRR for Murray Brook was a formidable 21.6%. In summary, we had been previously conveying that OR Royalties had been patiently waiting for the right deals, and based on what I've just outlined, I think we proved to both ourselves and our shareholders that our patience has paid off. Future precious metal GEOs from a near-term brownfield restart in a Tier-1 mining jurisdiction with major infrastructure and labor advantages. future precious metal geos from a near-term brownfield restart in a tier-1 mining jurisdiction with major infrastructure and labor advantages First production for the Murray Brook deposit processed through the pre-existing Caribou mill could occur in late 2028 or early 2029, thanks to what should be an accelerated permitting timeline. first production for the murray brook deposit processed through the pre-existing caribou mill could occur in late 2028 or early 2029 thanks to what should be an accelerated permitting timeline While the total transaction value was only $28 million, it provided a crucial piece of financing that has allowed our new partner funding through to production. while the total transaction value was only $28 million it provided a crucial piece of financing that has allowed our new partner funding through to production The calculated average sell-side IRR for Murray Brook was a formidable 21.6%. the calculated average sell-side irr for murray brook was a formidable 21.6% In summary, we had been previously conveying that OR Royalties had been patiently waiting for the right deals, and based on what I've just outlined, I think we proved to both ourselves and our shareholders that our patience has paid off. in summary we had been previously conveying that or royalties had been patiently waiting for the right deals and based on what i've just outlined i think we proved to both ourselves and our shareholders that our patience has paid off We'll continue to take the exact same philosophical, disciplined approach to all additional new investments that we hope to complete in 2026 and beyond. How does this all stack up? We'll continue to take the exact same philosophical, disciplined approach to all additional new investments that we hope to complete in 2026 and beyond. we'll continue to take the exact same philosophical disciplined approach to all additional new investments that we hope to complete in 2026 and beyond How does this all stack up? how does this all stack up Moving to slide 10, where we present the same slide you've seen many, many times, it is very much worthy to note that while our 2030 5-year outlook, originally out in February 2026, took into account future GEOs from the 2% at Namdini and the assets acquired from Gold Fields, including San Gabriel, what the range does not include any additional potential GEOs expected from both our additional coverage at Spring Valley as well as Canadian Copper's Murray Brook project, meaning that there is already confirmed contingency as well as potential upside built into our published 2030 range. Let's move to slide 11, which highlights all the greenfield projects currently in construction and/or advanced development that are currently included in our 5-year outlook. Moving to slide 10, where we present the same slide you've seen many, many times, it is very much worthy to note that while our 2030 5-year outlook, originally out in February 2026, took into account future GEOs from the 2% at Namdini and the assets acquired from Gold Fields, including San Gabriel, what the range does not include any additional potential GEOs expected from both our additional coverage at Spring Valley as well as Canadian Copper's Murray Brook project, meaning that there is already confirmed contingency as well as potential upside built into our published 2030 range. Let's move to slide 11, which highlights all the greenfield projects currently in construction and/or advanced development that are currently included in our 5-year outlook. moving to slide 10 where we present the same slide you've seen many many times it is very much worthy to note that while our 2030 5-year outlook originally out in february 2026 took into account future geos from the 2% at namdini and the assets acquired from gold fields including san gabriel what the range does not include any additional potential geos expected from both our additional coverage at spring valley as well as canadian copper's murray brook project meaning that there is already confirmed contingency as well as potential upside built into our published 2030 range. let's move to slide 11 which highlights all the greenfield projects currently in construction and/or advanced development that are currently included in our 5-year outlook With the caveat that the approximately 10,000 GEOs annually from Spring Valley represents the increased royalty coverage, only half of which is in our official 2030 guidance range, as just discussed. In the not included section, I'll point to a few names. First, there is Canadian Copper's Murray Brook, with that transaction expected to close in the next two weeks. Second, more positive progress continues to be made at Agnico Eagle's Upper Beaver project, with our partners still guiding for a 2030 startup. Given the recent comments by Agnico, we feel that we might see some GEOs in 2030. Third, finally, it was announced last week that Baru Gold has entered into a 90-day exclusivity period, with PricewaterhouseCoopers acting as a receiver in respect to its proposed acquisition of the Eagle Gold Mine in the Yukon. With the caveat that the approximately 10,000 GEOs annually from Spring Valley represents the increased royalty coverage, only half of which is in our official 2030 guidance range, as just discussed. with the caveat that the approximately 10,000 geos annually from spring valley represents the increased royalty coverage only half of which is in our official 2030 guidance range as just discussed In the not included section, I'll point to a few names. in the not included section i'll point to a few names First, there is Canadian Copper's Murray Brook, with that transaction expected to close in the next two weeks. first there is canadian copper's murray brook with that transaction expected to close in the next two weeks Second, more positive progress continues to be made at Agnico Eagle's Upper Beaver project, with our partners still guiding for a 2030 startup. second more positive progress continues to be made at agnico eagle's upper beaver project with our partners still guiding for a 2030 startup Given the recent comments by Agnico, we feel that we might see some GEOs in 2030. given the recent comments by agnico we feel that we might see some geos in 2030 Third, finally, it was announced last week that Baru Gold has entered into a 90-day exclusivity period, with PricewaterhouseCoopers acting as a receiver in respect to its proposed acquisition of the Eagle Gold Mine in the Yukon. third finally it was announced last week that baru gold has entered into a 90-day exclusivity period with pricewaterhousecoopers acting as a receiver in respect to its proposed acquisition of the eagle gold mine in the yukon At OR Royalties, this is an exciting announcement that could result in potential future upside to our five-year outlook. A 5% NSR at a Canadian mine that has a good potential for restart before the end of the decade could be additive to our already impressive growth profile. Moving to slide 12, I just wanted to flag a few key items of note on our catalyst page based on some very recent updates provided by our operating partners. First, Gold Fields is now expecting to complete its permitting process and associated finalized First Nation IBA work for Windfall in the third quarter of this year. This keeps the project on track for Gold Fields' publicly disclosed base case timeline, which anticipates first production from Windfall in the first quarter of 2029. At OR Royalties, this is an exciting announcement that could result in potential future upside to our five-year outlook. at or royalties this is an exciting announcement that could result in potential future upside to our five-year outlook A 5% NSR at a Canadian mine that has a good potential for restart before the end of the decade could be additive to our already impressive growth profile. a 5% nsr at a canadian mine that has a good potential for restart before the end of the decade could be additive to our already impressive growth profile Moving to slide 12, I just wanted to flag a few key items of note on our catalyst page based on some very recent updates provided by our operating partners. moving to slide 12 i just wanted to flag a few key items of note on our catalyst page based on some very recent updates provided by our operating partners First, Gold Fields is now expecting to complete its permitting process and associated finalized First Nation IBA work for Windfall in the third quarter of this year. first gold fields is now expecting to complete its permitting process and associated finalized first nation iba work for windfall in the third quarter of this year This keeps the project on track for Gold Fields' publicly disclosed base case timeline, which anticipates first production from Windfall in the first quarter of 2029. this keeps the project on track for gold fields' publicly disclosed base case timeline which anticipates first production from windfall in the first quarter of 2029 Second, last week, South32 provided a comprehensive update on its Hermosa-Taylor development project in Arizona, which is now expecting to see first production from the Taylor Mine in the first half of 2028, previously mid-2027, and ramping up to full throughput and production rates by early 2031, previously mid-2030. The most important takeaway, however, is that our partner remains very much committed to what is eventually set to become a cornerstone asset within its broader portfolio. Finally, we'll end the formal part of the presentation on slide 13, which outlines the current state of OR Royalties' balance sheet. Second, last week, South32 provided a comprehensive update on its Hermosa-Taylor development project in Arizona, which is now expecting to see first production from the Taylor Mine in the first half of 2028, previously mid-2027, and ramping up to full throughput and production rates by early 2031, previously mid-2030. second last week south32 provided a comprehensive update on its hermosa-taylor development project in arizona which is now expecting to see first production from the taylor mine in the first half of 2028 previously mid-2027 and ramping up to full throughput and production rates by early 2031 previously mid-2030 The most important takeaway, however, is that our partner remains very much committed to what is eventually set to become a cornerstone asset within its broader portfolio. the most important takeaway however is that our partner remains very much committed to what is eventually set to become a cornerstone asset within its broader portfolio Finally, we'll end the formal part of the presentation on slide 13, which outlines the current state of OR Royalties' balance sheet. finally we'll end the formal part of the presentation on slide 13 which outlines the current state of or royalties' balance sheet As at the end of March, we were completely debt-free and held approximately $95 million in cash on the balance sheet, which, as previously noted, accounted for the closing of the Namdini Part 2 transaction, along with our associated initial payment of $98.5 million funded with cash. You'll also notice we were active in our buyback program in Q1. As you can see in the cash flow waterfall, we bought back and canceled another $12.9 million of OR shares. Worth noting, however, is that the $168 million Spring Valley transaction closed in April of 2026, and that was funded by a drawdown from the credit facility. As at the end of March, we were completely debt-free and held approximately $95 million in cash on the balance sheet, which, as previously noted, accounted for the closing of the Namdini Part 2 transaction, along with our associated initial payment of $98.5 million funded with cash. as at the end of march we were completely debt-free and held approximately $95 million in cash on the balance sheet which as previously noted accounted for the closing of the namdini part 2 transaction along with our associated initial payment of $98.5 million funded with cash You'll also notice we were active in our buyback program in Q1. you'll also notice we were active in our buyback program in q1 As you can see in the cash flow waterfall, we bought back and canceled another $12.9 million of OR shares. as you can see in the cash flow waterfall we bought back and canceled another $12.9 million of or shares Worth noting, however, is that the $168 million Spring Valley transaction closed in April of 2026, and that was funded by a drawdown from the credit facility. worth noting however is that the $168 million spring valley transaction closed in april of 2026 and that was funded by a drawdown from the credit facility Along the same lines, we're expecting the aggregate transactions with Gold Fields to close in the coming days, and that $167 million will also be funded by a combination of balance sheet cash and amounts drawn from the credit facility. The Murray Brook transaction is also imminent, with a total of $9 million of initial cash outflows from OR to be funded with cash off the balance sheet. The long story short, after closing and funding all these transaction, drawn debt on the facility should stand at approximately $230 million, with our cash balance being at just over $30 million. Needless to say, after all this, we still have sufficient liquidity to execute on new streams and royalties as they present themselves over the next months and years. Along the same lines, we're expecting the aggregate transactions with Gold Fields to close in the coming days, and that $167 million will also be funded by a combination of balance sheet cash and amounts drawn from the credit facility. along the same lines we're expecting the aggregate transactions with gold fields to close in the coming days and that $167 million will also be funded by a combination of balance sheet cash and amounts drawn from the credit facility The Murray Brook transaction is also imminent, with a total of $9 million of initial cash outflows from OR to be funded with cash off the balance sheet. the murray brook transaction is also imminent with a total of $9 million of initial cash outflows from or to be funded with cash off the balance sheet The long story short, after closing and funding all these transaction, drawn debt on the facility should stand at approximately $230 million, with our cash balance being at just over $30 million. the long story short after closing and funding all these transaction drawn debt on the facility should stand at approximately $230 million with our cash balance being at just over $30 million Needless to say, after all this, we still have sufficient liquidity to execute on new streams and royalties as they present themselves over the next months and years. needless to say after all this we still have sufficient liquidity to execute on new streams and royalties as they present themselves over the next months and years Our corporate development pipeline remains robust, our core focus amidst this opportunity set remains on adding GEOs today and/or GEOs that will contribute to our already peer-leading growth profile between now and 2030. We have a strong desire to continue to grow the business by completing new and accretive transactions, that remains our number one priority. As we've said before, here at OR Royalties, we're not looking to achieve these goals at any cost. With that, I'd like to thank everyone for listening today. We'll now open up the line for questions as well as questions posted on the webcast. If we don't get to all the questions on the line, we'll make sure to respond offline to those that we don't cover on this webcast. Joelle, back to you, please. Our corporate development pipeline remains robust, our core focus amidst this opportunity set remains on adding GEOs today and/or GEOs that will contribute to our already peer-leading growth profile between now and 2030. our corporate development pipeline remains robust our core focus amidst this opportunity set remains on adding geos today and/or geos that will contribute to our already peer-leading growth profile between now and 2030 We have a strong desire to continue to grow the business by completing new and accretive transactions, that remains our number one priority. we have a strong desire to continue to grow the business by completing new and accretive transactions that remains our number one priority As we've said before, here at OR Royalties, we're not looking to achieve these goals at any cost. as we've said before here at or royalties we're not looking to achieve these goals at any cost With that, I'd like to thank everyone for listening today. with that i'd like to thank everyone for listening today We'll now open up the line for questions as well as questions posted on the webcast. we'll now open up the line for questions as well as questions posted on the webcast If we don't get to all the questions on the line, we'll make sure to respond offline to those that we don't cover on this webcast. if we don't get to all the questions on the line we'll make sure to respond offline to those that we don't cover on this webcast Joelle, back to you, please. joelle back to you please

Speaker 4: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Your first question comes from Tanya Jakusconek with Scotiabank. Your line is now open. Thank you. thank you Ladies and gentlemen, we will now begin the question and answer session. ladies and gentlemen we will now begin the question and answer session Your first question comes from Tanya Jakusconek with Scotiabank. your first question comes from tanya jakusconek with scotiabank Your line is now open. your line is now open

Speaker 5: Hello. I think that's me. Hello. Hello. hello I think that's me. i think that's me Hello. hello

Speaker 3: Good morning, Tanya. Good morning, Tanya. good morning tanya

Speaker 5: Morning. Morning. It's always hard to know if that's you or not with these names. Morning, everybody. I just wanted to circle back. First of all, congratulations, Jason, on your four deals that you've done this year. I was just looking at them. They're ranging anywhere, I'm gonna say, like, you know, $50 million-$300 million or thereabout. Is that how I should be thinking about your pipeline that you're looking at? Is it sort of still in that sweet spot for you? Morning. morning Morning. morning It's always hard to know if that's you or not with these names. it's always hard to know if that's you or not with these names Morning, everybody. morning everybody I just wanted to circle back. i just wanted to circle back First of all, congratulations, Jason, on your four deals that you've done this year. first of all congratulations jason on your four deals that you've done this year I was just looking at them. i was just looking at them They're ranging anywhere, I'm gonna say, like, you know, $50 million-$300 million or thereabout. they're ranging anywhere i'm gonna say like you know $50 million-$300 million or thereabout Is that how I should be thinking about your pipeline that you're looking at? is that how i should be thinking about your pipeline that you're looking at Is it sort of still in that sweet spot for you? is it sort of still in that sweet spot for you

Speaker 3: Tanya, thank you for your question, thank you for the congratulations on the quarter. Again, do commend our corporate development team for the four deals that we've done this year. I would say again, our sweet spot as we've communicated many, many times, we do look at smaller deals as evidenced by what we did with Canadian Copper. You can think of kind of the sweet spot between $50 million and $300 million. That said, the opportunities, there are a number of deals out there that are significantly above that range, the $550 million-$300 million. As we have exhibited in 2025, though, some of those big deals, we just couldn't get there, both on valuation and on structure. We will continue to be disciplined. Tanya, thank you for your question, thank you for the congratulations on the quarter. tanya thank you for your question thank you for the congratulations on the quarter Again, do commend our corporate development team for the four deals that we've done this year. again do commend our corporate development team for the four deals that we've done this year I would say again, our sweet spot as we've communicated many, many times, we do look at smaller deals as evidenced by what we did with Canadian Copper. i would say again our sweet spot as we've communicated many many times we do look at smaller deals as evidenced by what we did with canadian copper You can think of kind of the sweet spot between $50 million and $300 million. you can think of kind of the sweet spot between $50 million and $300 million That said, the opportunities, there are a number of deals out there that are significantly above that range, the $550 million-$300 million. that said the opportunities there are a number of deals out there that are significantly above that range the $550 million-$300 million As we have exhibited in 2025, though, some of those big deals, we just couldn't get there, both on valuation and on structure. as we have exhibited in 2025 though some of those big deals we just couldn't get there both on valuation and on structure We will continue to be disciplined. we will continue to be disciplined We will continue to participate if there are auctions around those bigger transactions. Clearly what's happened with, you know, Wheaton Precious' successful stream on Antamina is there's a lot more conversations, we would say, at both the senior diversified companies and the larger and mid-tier copper cos that have significant byproduct to essentially stream off to fund their capital projects. The deals I would say that we're seeing, they do range from the sweet spot that I said all the way up to some $1 billion transactions. We will be very careful with our shareholders' capital. We, as we've talked about before, we do have obviously very stringent and disciplined hurdles, but that's the environment out there right now, Tanya. We will continue to participate if there are auctions around those bigger transactions. we will continue to participate if there are auctions around those bigger transactions Clearly what's happened with, you know, Wheaton Precious' successful stream on Antamina is there's a lot more conversations, we would say, at both the senior diversified companies and the larger and mid-tier copper cos that have significant byproduct to essentially stream off to fund their capital projects. clearly what's happened with you know wheaton precious' successful stream on antamina is there's a lot more conversations we would say at both the senior diversified companies and the larger and mid-tier copper cos that have significant byproduct to essentially stream off to fund their capital projects The deals I would say that we're seeing, they do range from the sweet spot that I said all the way up to some $1 billion transactions. the deals i would say that we're seeing they do range from the sweet spot that i said all the way up to some $1 billion transactions We will be very careful with our shareholders' capital. we will be very careful with our shareholders' capital We, as we've talked about before, we do have obviously very stringent and disciplined hurdles, but that's the environment out there right now, Tanya. we as we've talked about before we do have obviously very stringent and disciplined hurdles but that's the environment out there right now tanya I think it's safe to say for us, you know, you can think about $50 million-$300 million is our sweet spot. I think it's safe to say for us, you know, you can think about $50 million-$300 million is our sweet spot. i think it's safe to say for us you know you can think about $50 million-$300 million is our sweet spot

Speaker 5: Jason, as you mentioned, you are very particular in some of the security that you want to have in place in your contracts. Can you remind us what are the critical, let's say, top three that you will not budge on in terms of the security that you're looking for? Jason, as you mentioned, you are very particular in some of the security that you want to have in place in your contracts. jason as you mentioned you are very particular in some of the security that you want to have in place in your contracts Can you remind us what are the critical, let's say, top three that you will not budge on in terms of the security that you're looking for? can you remind us what are the critical let's say top three that you will not budge on in terms of the security that you're looking for

Speaker 3: Yeah. Like, well, or first of all, again, I'll just talk to last year's transactions that we did see. Most of them that we did see, in fact, the majority of them were on streams. And some of the streams that we did see were completely unsecured. Again, there's a whole range or variance or continuum of security associated with these instruments. What I would say is, for ourselves and for our shareholders, we need to essentially, from a risk management perspective, the mining industry is very tough, as you know, Tanya. There can be unexpected events that within assets, within countries, that we certainly need some sort of security. Yeah. yeah Like, well, or first of all, again, I'll just talk to last year's transactions that we did see. like well or first of all again i'll just talk to last year's transactions that we did see Most of them that we did see, in fact, the majority of them were on streams. most of them that we did see in fact the majority of them were on streams And some of the streams that we did see were completely unsecured. and some of the streams that we did see were completely unsecured Again, there's a whole range or variance or continuum of security associated with these instruments. again there's a whole range or variance or continuum of security associated with these instruments What I would say is, for ourselves and for our shareholders, we need to essentially, from a risk management perspective, the mining industry is very tough, as you know, Tanya. what i would say is for ourselves and for our shareholders we need to essentially from a risk management perspective the mining industry is very tough as you know tanya There can be unexpected events that within assets, within countries, that we certainly need some sort of security. there can be unexpected events that within assets within countries that we certainly need some sort of security Again, there's a continuum for which we can affect that, for which if an incident does happen, that us effectively we're a creditor at the table, either around a, you know, insolvency or if a mine doesn't to work out, you know, kind of worst case where effectively the mine goes pear-shaped and, you know, effectively it's not delivering as to the expectations. Again, it's something that our team is very focused on. Again, there's a continuum for which we can affect that, for which if an incident does happen, that us effectively we're a creditor at the table, either around a, you know, insolvency or if a mine doesn't to work out, you know, kind of worst case where effectively the mine goes pear-shaped and, you know, effectively it's not delivering as to the expectations. again there's a continuum for which we can affect that for which if an incident does happen that us effectively we're a creditor at the table either around a you know insolvency or if a mine doesn't to work out you know kind of worst case where effectively the mine goes pear-shaped and you know effectively it's not delivering as to the expectations Again, it's something that our team is very focused on. again it's something that our team is very focused on We obviously would like to have a lot of transactions that wouldn't have the workouts that I'm describing, but for a risk management and a shareholder perspective, again, we're insistent that we have some tie of security back to the asset that if something does go wrong, at least we have a seat at the table to negotiate something go forward to protect the capital that we put in. We obviously would like to have a lot of transactions that wouldn't have the workouts that I'm describing, but for a risk management and a shareholder perspective, again, we're insistent that we have some tie of security back to the asset that if something does go wrong, at least we have a seat at the table to negotiate something go forward to protect the capital that we put in. we obviously would like to have a lot of transactions that wouldn't have the workouts that i'm describing but for a risk management and a shareholder perspective again we're insistent that we have some tie of security back to the asset that if something does go wrong at least we have a seat at the table to negotiate something go forward to protect the capital that we put in

Speaker 5: Okay. So Jason, what I'm hearing from you is that you want security at the asset level, is what I took away. How important is it to you to have security from, you know, parent guarantee? How important is that for you? Okay. okay So Jason, what I'm hearing from you is that you want security at the asset level, is what I took away. so jason what i'm hearing from you is that you want security at the asset level is what i took away How important is it to you to have security from, you know, parent guarantee? how important is it to you to have security from you know parent guarantee How important is that for you? how important is that for you

Speaker 3: Yeah. Look, again, there's a whole continuum of security, Tanya, and so asset level security would vary from country to country as well. Obviously, if it's a multi-asset company, a parent guarantee or a corporate guarantee would satisfy our requirements just around security and any sort of acquisition go forward. Again, there has to be, in our mind, with large transactions, there has to be some sort of ability for us to essentially sit at the table when things do go wrong. We're hoping that doesn't happen for our peers and for ourselves go forward. As you know, you've been in the industry and the sector as long as I have, that does happen from occasion to occasion. Yeah. yeah Look, again, there's a whole continuum of security, Tanya, and so asset level security would vary from country to country as well. look again there's a whole continuum of security tanya and so asset level security would vary from country to country as well Obviously, if it's a multi-asset company, a parent guarantee or a corporate guarantee would satisfy our requirements just around security and any sort of acquisition go forward. obviously if it's a multi-asset company a parent guarantee or a corporate guarantee would satisfy our requirements just around security and any sort of acquisition go forward Again, there has to be, in our mind, with large transactions, there has to be some sort of ability for us to essentially sit at the table when things do go wrong. again there has to be in our mind with large transactions there has to be some sort of ability for us to essentially sit at the table when things do go wrong We're hoping that doesn't happen for our peers and for ourselves go forward. we're hoping that doesn't happen for our peers and for ourselves go forward As you know, you've been in the industry and the sector as long as I have, that does happen from occasion to occasion. as you know you've been in the industry and the sector as long as i have that does happen from occasion to occasion

Speaker 5: I would assume you'd want also arbitration rights. We've seen those as well. I would assume you'd want also arbitration rights. i would assume you'd want also arbitration rights We've seen those as well. we've seen those as well

Speaker 3: Yes. Yes. yes

Speaker 5: Um, and then just- Um, and then just- um and then just-

Speaker 3: That is correct. That is correct. that is correct

Speaker 5: mainly my last question just on these deals. You mentioned, you know, syndication of deals. Are you seeing any opportunities in the syndication front? mainly my last question just on these deals. mainly my last question just on these deals You mentioned, you know, syndication of deals. you mentioned you know syndication of deals Are you seeing any opportunities in the syndication front? are you seeing any opportunities in the syndication front

Speaker 3: Well, the way I'd answer that, Tanya, is clearly you saw us syndicate a deal in Cascabel with Franco-Nevada, it's probably now 18 months ago or almost two years ago. We do like the syndication of deals in jurisdictions that we would say are not Tier-1. That was a very unique circumstance for which I think you know both ourselves and Franco-Nevada already had existing royalties. We'd done a bunch of diligence. We'd been to site multiple times. We're very pleased that obviously what's happened since then is Jiangxi Copper has come in and acquired SolGold because it does provide financial certainty. But that said, again, there's a blueprint there for streaming and royalty companies to work together in specific instances. I would say that we're an advocate of the structure. Well, the way I'd answer that, Tanya, is clearly you saw us syndicate a deal in Cascabel with Franco-Nevada, it's probably now 18 months ago or almost two years ago. well the way i'd answer that tanya is clearly you saw us syndicate a deal in cascabel with franco-nevada it's probably now 18 months ago or almost two years ago We do like the syndication of deals in jurisdictions that we would say are not Tier-1 . we do like the syndication of deals in jurisdictions that we would say are not tier-1 That was a very unique circumstance for which I think you know both ourselves and Franco-Nevada already had existing royalties. that was a very unique circumstance for which i think you know both ourselves and franco-nevada already had existing royalties We'd done a bunch of diligence. we'd done a bunch of diligence We'd been to site multiple times. we'd been to site multiple times We're very pleased that obviously what's happened since then is Jiangxi Copper has come in and acquired SolGold because it does provide financial certainty. we're very pleased that obviously what's happened since then is jiangxi copper has come in and acquired solgold because it does provide financial certainty But that said, again, there's a blueprint there for streaming and royalty companies to work together in specific instances. but that said again there's a blueprint there for streaming and royalty companies to work together in specific instances I would say that we're an advocate of the structure. i would say that we're an advocate of the structure We're an advocate of syndicating deals that have the certain unique aspects that, again, just point back to Cascabel. We're certainly open for it. I would encourage you to ask the same question to the other royalty and streaming companies that you cover, because I do think there is a mix of attitudes around whether or not they're looking to syndicate or not. It's also why I would say that it's pretty rare. The syndicated deal, I think, was the first one done in 20+ years that we did with Franco-Nevada. We're an advocate of syndicating deals that have the certain unique aspects that, again, just point back to Cascabel. we're an advocate of syndicating deals that have the certain unique aspects that again just point back to cascabel We're certainly open for it. we're certainly open for it I would encourage you to ask the same question to the other royalty and streaming companies that you cover, because I do think there is a mix of attitudes around whether or not they're looking to syndicate or not. i would encourage you to ask the same question to the other royalty and streaming companies that you cover because i do think there is a mix of attitudes around whether or not they're looking to syndicate or not It's also why I would say that it's pretty rare. it's also why i would say that it's pretty rare The syndicated deal, I think, was the first one done in 20+ years that we did with Franco-Nevada. the syndicated deal i think was the first one done in 20+ years that we did with franco-nevada

Speaker 5: Yeah. It's just I don't hear anyone else say it. Okay. Well, then finally, just on the corporate transactions, are there any opportunities there or are you seeing better value in sort of these asset deals? Yeah. yeah It's just I don't hear anyone else say it. it's just i don't hear anyone else say it Okay. okay Well, then finally, just on the corporate transactions, are there any opportunities there or are you seeing better value in sort of these asset deals? well then finally just on the corporate transactions are there any opportunities there or are you seeing better value in sort of these asset deals

Speaker 3: I would say listen, Tanya, we obviously evaluate our sector. We've always said that consolidation should happen in the sector. We've got very good views on valuation of both the mid-tiers and the junior royalty and streaming cos. I would say at this point, again, everything's got a price. At this point we're not seeing a lot of value in that subset of royalty and streaming cos. Things can change rapidly, whether it's the assets getting some good geologic perspectivity, whether, again, every day all our companies trade from, you know, 9:30 to 4:00 P.M. So there is a value for, we believe a value for everything in trans. We're just not there currently today with, again, the subset that I talked about. I would say listen, Tanya, we obviously evaluate our sector. i would say listen tanya we obviously evaluate our sector We've always said that consolidation should happen in the sector. we've always said that consolidation should happen in the sector We've got very good views on valuation of both the mid-tiers and the junior royalty and streaming cos. we've got very good views on valuation of both the mid-tiers and the junior royalty and streaming cos I would say at this point, again, everything's got a price. i would say at this point again everything's got a price At this point we're not seeing a lot of value in that subset of royalty and streaming cos. at this point we're not seeing a lot of value in that subset of royalty and streaming cos Things can change rapidly, whether it's the assets getting some good geologic perspectivity, whether, again, every day all our companies trade from, you know, 9:30 to 4:00 P.M. things can change rapidly whether it's the assets getting some good geologic perspectivity whether again every day all our companies trade from you know 9:30 to 4:00 p.m So there is a value for, we believe a value for everything in trans. so there is a value for we believe a value for everything in trans We're just not there currently today with, again, the subset that I talked about. we're just not there currently today with again the subset that i talked about We're certainly open, and we're certainly aware, and we're certainly monitoring everything. We're certainly open, and we're certainly aware, and we're certainly monitoring everything. we're certainly open and we're certainly aware and we're certainly monitoring everything

Speaker 5: Okay. Thank you so much for taking all my questions. I'll pass it on to someone else. Appreciate it. Okay. okay Thank you so much for taking all my questions. thank you so much for taking all my questions I'll pass it on to someone else. i'll pass it on to someone else Appreciate it. appreciate it

Speaker 3: Thank you, Tanya. We know it's a very busy day for you and the rest of the analysts. Appreciate your time and support. Thank you, Tanya. thank you tanya We know it's a very busy day for you and the rest of the analysts. we know it's a very busy day for you and the rest of the analysts Appreciate your time and support. appreciate your time and support

Speaker 4: Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from Derick Ma with TD Cowen. Your line is now open. Ladies and gentlemen, as a reminder, should you have a question, please press star one. ladies and gentlemen as a reminder should you have a question please press star one Your next question comes from Derick Ma with TD Cowen. your next question comes from derick ma with td cowen Your line is now open. your line is now open

Speaker 2: Thank you. If some of these larger $500 million, billion-dollar transactions do materialize in OR's favor, is there sufficient liquidity and flexibility available to the business to execute? How are you thinking about the NCIB in the context of the current deal market? Thank you. thank you If some of these larger $500 million, billion-dollar transactions do materialize in OR's favor, is there sufficient liquidity and flexibility available to the business to execute? if some of these larger $500 million billion-dollar transactions do materialize in or's favor is there sufficient liquidity and flexibility available to the business to execute How are you thinking about the NCIB in the context of the current deal market? how are you thinking about the ncib in the context of the current deal market

Speaker 3: Yeah, really good question, Derick. Thank you for that. Again, I think it really depends on the transaction that we've been talking about. We do have sufficient liquidity under a revolving facility, as you know. We've got $650 undrawn as of the quarter one with a $200 million accordion. Obviously, we've now deployed quite a bit. As I mentioned in my comments, we're expecting to have a drawn by the time we close all these transactions of $230 million, with some cash of about $30. We are obviously making quite a bit of cash flow quarter-over-quarter, that comes into the lens. Yeah, really good question, Derick. yeah really good question derick Thank you for that. thank you for that Again, I think it really depends on the transaction that we've been talking about. again i think it really depends on the transaction that we've been talking about We do have sufficient liquidity under a revolving facility, as you know. we do have sufficient liquidity under a revolving facility as you know We've got $650 undrawn as of the quarter one with a $200 million accordion. we've got $650 undrawn as of the quarter one with a $200 million accordion Obviously, we've now deployed quite a bit. obviously we've now deployed quite a bit As I mentioned in my comments, we're expecting to have a drawn by the time we close all these transactions of $230 million, with some cash of about $30. as i mentioned in my comments we're expecting to have a drawn by the time we close all these transactions of $230 million with some cash of about $30 We are obviously making quite a bit of cash flow quarter-over-quarter, that comes into the lens. we are obviously making quite a bit of cash flow quarter-over-quarter that comes into the lens Look, if there was a really unique opportunity that met all the, checked all their boxes, met their hurdle rates, was in a good jurisdiction. Obviously, we've got a really good relationship with our bank syndicate. We've got plenty of capacity. If you think about the way they think things through things around compliance tests such as EBITDA as well as leverage ratios, we could certainly extend that revolver if we saw something that was really appealing for us. I would say at this stage, we're not having any of those discussions. That might give you some hints as to Again, we really believe we got sufficient liquidity to execute on our business plan given the opportunity set that we're seeing currently. Look, if there was a really unique opportunity that met all the, checked all their boxes, met their hurdle rates, was in a good jurisdiction. look if there was a really unique opportunity that met all the checked all their boxes met their hurdle rates was in a good jurisdiction Obviously, we've got a really good relationship with our bank syndicate. obviously we've got a really good relationship with our bank syndicate We've got plenty of capacity. we've got plenty of capacity If you think about the way they think things through things around compliance tests such as EBITDA as well as leverage ratios, we could certainly extend that revolver if we saw something that was really appealing for us. if you think about the way they think things through things around compliance tests such as ebitda as well as leverage ratios we could certainly extend that revolver if we saw something that was really appealing for us I would say at this stage, we're not having any of those discussions. i would say at this stage we're not having any of those discussions That might give you some hints as to Again, we really believe we got sufficient liquidity to execute on our business plan given the opportunity set that we're seeing currently. that might give you some hints as to again we really believe we got sufficient liquidity to execute on our business plan given the opportunity set that we're seeing currently

Speaker 2: This is a business model that I think can support quite a bit of leverage, but what is the leverage ratio that you're ultimately comfortable with if it did. This is a business model that I think can support quite a bit of leverage, but what is the leverage ratio that you're ultimately comfortable with if it did. this is a business model that i think can support quite a bit of leverage but what is the leverage ratio that you're ultimately comfortable with if it did

Speaker 3: Yeah. Yeah. yeah

Speaker 2: if a deal did materialize? if a deal did materialize? if a deal did materialize

Speaker 3: Yeah. Obviously, what informs our leverage if we were to do a significant sizable transaction is the commodity price underpinning whatever we're doing. We are certainly a precious metals vehicle, so let's, for argument's sake, say it's a gold or silver transaction. I think the way and I'll ask Fred to comment here too if he likes. The way we think about our business is if there was an exceptional opportunity we thought being very accretive, we wouldn't want to go much past 2x EBITDA levels, debt to EBITDA levels. Yeah. yeah Obviously, what informs our leverage if we were to do a significant sizable transaction is the commodity price underpinning whatever we're doing. obviously what informs our leverage if we were to do a significant sizable transaction is the commodity price underpinning whatever we're doing We are certainly a precious metals vehicle, so let's, for argument's sake, say it's a gold or silver transaction. we are certainly a precious metals vehicle so let's for argument's sake say it's a gold or silver transaction I think the way and I'll ask Fred to comment here too if he likes. i think the way and i'll ask fred to comment here too if he likes The way we think about our business is if there was an exceptional opportunity we thought being very accretive, we wouldn't want to go much past 2x EBITDA levels, debt to EBITDA levels. the way we think about our business is if there was an exceptional opportunity we thought being very accretive we wouldn't want to go much past 2x ebitda levels debt to ebitda levels For an exceptional opportunity, we could kind of stretch to 2.5, but this would be an opportunity that again, would be paying GEOs for us, so we get back down to 2x EBITDA very quickly and then continue to pay off our revolver. We're quite comfortable if that was a scenario and situation, but it would have to be a very unique opportunity for us. Look, there's also other avenues or instruments too that doesn't necessarily have to be through the revolver. If you look at what Wheaton did with their Antamina transaction, they got a term loan from a syndicate as well. That's certainly available to us as well with the right opportunity. For an exceptional opportunity, we could kind of stretch to 2.5, but this would be an opportunity that again, would be paying GEOs for us, so we get back down to 2x EBITDA very quickly and then continue to pay off our revolver. for an exceptional opportunity we could kind of stretch to 2.5 but this would be an opportunity that again would be paying geos for us so we get back down to 2x ebitda very quickly and then continue to pay off our revolver We're quite comfortable if that was a scenario and situation, but it would have to be a very unique opportunity for us. we're quite comfortable if that was a scenario and situation but it would have to be a very unique opportunity for us Look, there's also other avenues or instruments too that doesn't necessarily have to be through the revolver. look there's also other avenues or instruments too that doesn't necessarily have to be through the revolver If you look at what Wheaton did with their Antamina transaction, they got a term loan from a syndicate as well. if you look at what wheaton did with their antamina transaction they got a term loan from a syndicate as well That's certainly available to us as well with the right opportunity. that's certainly available to us as well with the right opportunity

Speaker 2: Got it. Let me ask you on jurisdictional risk then. There's the high concentration of assets in Tier-1 jurisdictions for OR that's been a trademark of the portfolio. How does jurisdictional- Got it. got it Let me ask you on jurisdictional risk then. let me ask you on jurisdictional risk then There's the high concentration of assets in Tier-1 jurisdictions for OR that's been a trademark of the portfolio. there's the high concentration of assets in tier-1 jurisdictions for or that's been a trademark of the portfolio How does jurisdictional- how does jurisdictional-

Speaker 3: Yeah Yeah yeah

Speaker 2: risk factor into the assessment of new transactions going forward, given there's arguably some room to take on more jurisdictional risk in the portfolio? risk factor into the assessment of new transactions going forward, given there's arguably some room to take on more jurisdictional risk in the portfolio? risk factor into the assessment of new transactions going forward given there's arguably some room to take on more jurisdictional risk in the portfolio

Speaker 3: I think it's a really good question, Derick. I think this is what differentiates our company from our peers. We do take great pride in again, having what we classify as the majority of our assets in Tier-1 jurisdictions. It would be very off-brand for us to take a material transaction in a non Tier-1 jurisdiction. You can think Africa or, you know, other jurisdictions that we wouldn't classify as Tier-1. It'd be very off-brand for us to do a material transaction because, again, we do believe this is what differentiates ourselves. We do like doing transactions, we have a filter when we're looking at prospective opportunities and the filter is, you know, the Tier-1 jurisdiction filter. I think it's a really good question, Derick. i think it's a really good question derick I think this is what differentiates our company from our peers. i think this is what differentiates our company from our peers We do take great pride in again, having what we classify as the majority of our assets in Tier-1 jurisdictions. we do take great pride in again having what we classify as the majority of our assets in tier-1 jurisdictions It would be very off-brand for us to take a material transaction in a non Tier-1 jurisdiction. it would be very off-brand for us to take a material transaction in a non tier-1 jurisdiction You can think Africa or, you know, other jurisdictions that we wouldn't classify as Tier-1. you can think africa or you know other jurisdictions that we wouldn't classify as tier-1 It'd be very off-brand for us to do a material transaction because, again, we do believe this is what differentiates ourselves. it'd be very off-brand for us to do a material transaction because again we do believe this is what differentiates ourselves We do like doing transactions, we have a filter when we're looking at prospective opportunities and the filter is, you know, the Tier-1 jurisdiction filter. we do like doing transactions we have a filter when we're looking at prospective opportunities and the filter is you know the tier-1 jurisdiction filter Because the way we see things going forward and the house view is especially, given the turbulent times that we anticipate around kind of geopolitical aspects and geopolitical strife, as well as you couple that with the, quite robust commodity environment. We would expect, you know, countries that don't necessarily have a rule of law or deep mining history that they're going to trying to extract through, windfall taxes or increased royalties in countries. We've already started to see that, to essentially get some more value for them in the assets versus, again, what we consider Tier-1 jurisdictions, where it's obviously got established rule of law, deep mining history, and these governments and, stakeholders really do understand what mining can provide for communities, governments, and the sort. Because the way we see things going forward and the house view is especially, given the turbulent times that we anticipate around kind of geopolitical aspects and geopolitical strife, as well as you couple that with the, quite robust commodity environment. because the way we see things going forward and the house view is especially given the turbulent times that we anticipate around kind of geopolitical aspects and geopolitical strife as well as you couple that with the quite robust commodity environment We would expect, you know, countries that don't necessarily have a rule of law or deep mining history that they're going to trying to extract through, windfall taxes or increased royalties in countries. we would expect you know countries that don't necessarily have a rule of law or deep mining history that they're going to trying to extract through windfall taxes or increased royalties in countries We've already started to see that, to essentially get some more value for them in the assets versus, again, what we consider Tier-1 jurisdictions, where it's obviously got established rule of law, deep mining history, and these governments and, stakeholders really do understand what mining can provide for communities, governments, and the sort. we've already started to see that to essentially get some more value for them in the assets versus again what we consider tier-1 jurisdictions where it's obviously got established rule of law deep mining history and these governments and stakeholders really do understand what mining can provide for communities governments and the sort We do have a strong filter at looking at, again, transactions in North America. It's no accident, therefore, when you look at the four transactions that we did print in 2026, there were a couple of them, the one being in Ghana, the other one being in Peru, that our team was very focused on making sure we had the ballast come back with the transactions at Spring Valley, Nevada, and obviously Canadian Copper, in Canada here. We do think through that frequently. We do debate it quite a bit. As I said, it'd be very off-brand for us to do a very large stream in an African country that would change, again, the jurisdictional exposure that we think insulates us and provides a superior investment vehicle to our shareholders. We do have a strong filter at looking at, again, transactions in North America. we do have a strong filter at looking at again transactions in north america It's no accident, therefore, when you look at the four transactions that we did print in 2026, there were a couple of them, the one being in Ghana, the other one being in Peru, that our team was very focused on making sure we had the ballast come back with the transactions at Spring Valley, Nevada, and obviously Canadian Copper, in Canada here. it's no accident therefore when you look at the four transactions that we did print in 2026 there were a couple of them the one being in ghana the other one being in peru that our team was very focused on making sure we had the ballast come back with the transactions at spring valley nevada and obviously canadian copper in canada here We do think through that frequently. we do think through that frequently We do debate it quite a bit. we do debate it quite a bit As I said, it'd be very off-brand for us to do a very large stream in an African country that would change, again, the jurisdictional exposure that we think insulates us and provides a superior investment vehicle to our shareholders. as i said it'd be very off-brand for us to do a very large stream in an african country that would change again the jurisdictional exposure that we think insulates us and provides a superior investment vehicle to our shareholders

Speaker 2: Got it. Thanks for taking my questions, and good luck. Got it. got it Thanks for taking my questions, and good luck. thanks for taking my questions and good luck

Speaker 3: Thank you, Derick. Thank you, Derick. thank you derick

Speaker 4: Your next question comes from Brian MacArthur with Raymond James. Your line is now open. Your next question comes from Brian MacArthur with Raymond James. your next question comes from brian macarthur with raymond james Your line is now open. your line is now open

Speaker 1: Good morning, Jason. I just want to follow up on that. One of your bigger projects that's coming on is Amulsar. A couple questions. First, I don't know if you can give me security on that, but what I'm more interested is whether you take that in kind or whether you have to have the risk of them shipping out of the country. The second thing, just on your comment there, because I do think it is something that is unique and helps Osisko. If someone were to give you a very good price for something like Amulsar, would you be willing to sell that if it to improve the multiple technically, 'cause maybe it sits somewhere else better than someone else, but on the other hand, that 6,000 oz is pretty big. Good morning, Jason. good morning jason I just want to follow up on that. i just want to follow up on that One of your bigger projects that's coming on is Amulsar. one of your bigger projects that's coming on is amulsar A couple questions. a couple questions First, I don't know if you can give me security on that, but what I'm more interested is whether you take that in kind or whether you have to have the risk of them shipping out of the country. first i don't know if you can give me security on that but what i'm more interested is whether you take that in kind or whether you have to have the risk of them shipping out of the country The second thing, just on your comment there, because I do think it is something that is unique and helps Osisko. the second thing just on your comment there because i do think it is something that is unique and helps osisko If someone were to give you a very good price for something like Amulsar, would you be willing to sell that if it to improve the multiple technically, 'cause maybe it sits somewhere else better than someone else, but on the other hand, that 6,000 oz is pretty big. if someone were to give you a very good price for something like amulsar would you be willing to sell that if it to improve the multiple technically 'cause maybe it sits somewhere else better than someone else but on the other hand that 6,000 oz is pretty big

Speaker 3: Yeah, really good question. Look, the way we'd answer that is you have to recall that Amulsar was a legacy asset. Yeah, really good question. yeah really good question Look, the way we'd answer that is you have to recall that Amulsar was a legacy asset. look the way we'd answer that is you have to recall that amulsar was a legacy asset

Speaker 1: Yeah Yeah yeah

Speaker 3: That, right? Mike Spencer's in the room here, and he's basically spent the last eight years of his life, effectively getting that through a workout, as you know, with Orion Mine Finance to the point where we're effectively looking at first gold by this summer. Again, well done in essentially taking a legacy workout and making sure that we can continue to extract or get GEOs from it. It is, again, it's not a material if you think about, and I don't know what your number is, but again, we can take this offline in terms of the 2030 outlook. It's not a material contributor to our overall. That, right? that right Mike Spencer's in the room here, and he's basically spent the last eight years of his life, effectively getting that through a workout, as you know, with Orion Mine Finance to the point where we're effectively looking at first gold by this summer. mike spencer's in the room here and he's basically spent the last eight years of his life effectively getting that through a workout as you know with orion mine finance to the point where we're effectively looking at first gold by this summer Again, well done in essentially taking a legacy workout and making sure that we can continue to extract or get GEOs from it. again well done in essentially taking a legacy workout and making sure that we can continue to extract or get geos from it It is, again, it's not a material if you think about, and I don't know what your number is, but again, we can take this offline in terms of the 2030 outlook. it is again it's not a material if you think about and i don't know what your number is but again we can take this offline in terms of the 2030 outlook It's not a material contributor to our overall. it's not a material contributor to our overall There is some ounces that we're including in our internal 2030 outlook, but it's, again, it's not material, if you think about the overall growth in our, in our portfolio. To answer the question about whether or not we'd sell that position, I think we've always said we're open for business. If someone was going to lay down something significant that we saw was good for our shareholders and quite accretive understanding kind of the risks and opportunities in Armenia, absolutely we would consider it. We do think it's a very good asset. We do think that the management team, the United Group, is doing a very good job of moving that forward. Again, I think that's the best way we can answer that question. It is a legacy asset. There is some ounces that we're including in our internal 2030 outlook, but it's, again, it's not material, if you think about the overall growth in our, in our portfolio. there is some ounces that we're including in our internal 2030 outlook but it's again it's not material if you think about the overall growth in our in our portfolio To answer the question about whether or not we'd sell that position, I think we've always said we're open for business. to answer the question about whether or not we'd sell that position i think we've always said we're open for business If someone was going to lay down something significant that we saw was good for our shareholders and quite accretive understanding kind of the risks and opportunities in Armenia, absolutely we would consider it. if someone was going to lay down something significant that we saw was good for our shareholders and quite accretive understanding kind of the risks and opportunities in armenia absolutely we would consider it We do think it's a very good asset. we do think it's a very good asset We do think that the management team, the United Group, is doing a very good job of moving that forward. we do think that the management team the united group is doing a very good job of moving that forward Again, I think that's the best way we can answer that question. again i think that's the best way we can answer that question It is a legacy asset. it is a legacy asset It is a legacy workout. You know, all the commendations that to Mike and his team for essentially, you know, we're going to be extracting GEOs for our shareholders in the next few years because of just us sticking with it and a workout. It is a legacy workout. it is a legacy workout You know, all the commendations that to Mike and his team for essentially, you know, we're going to be extracting GEOs for our shareholders in the next few years because of just us sticking with it and a workout. you know all the commendations that to mike and his team for essentially you know we're going to be extracting geos for our shareholders in the next few years because of just us sticking with it and a workout

Speaker 1: Fair enough. Then do you get that in kind, or is it like, someone delivers you a, paper somewhere at the end of the day? Fair enough. fair enough Then do you get that in kind, or is it like, someone delivers you a, paper somewhere at the end of the day? then do you get that in kind or is it like someone delivers you a paper somewhere at the end of the day

Speaker 3: It's in kind. It's in kind. it's in kind

Speaker 1: Okay. Thank you very much, Jason. Okay. okay Thank you very much, Jason. thank you very much jason

Speaker 3: All right, Brian. All right, Brian. all right brian

Speaker 4: There are no further questions at this time. I will now turn the call over to Jason for closing remarks. There are no further questions at this time. there are no further questions at this time I will now turn the call over to Jason for closing remarks. i will now turn the call over to jason for closing remarks

Speaker 3: There are no further questions? There are no further questions? there are no further questions

Speaker 4: No. I'm sorry, can you hear me? No. no I'm sorry, can you hear me? i'm sorry can you hear me

Speaker 3: Yes, we can. Okay. Yes, we can. yes we can Okay. okay

Speaker 4: Okay. Okay. okay

Speaker 3: Thank you, Joelle. Before we wrap up today's call, I want to leave you with a final thought on our royalties. As a management team, we focus on capital returns and hence why we bought shares back in the quarter and increased our dividend by 18%. We'll continue to keep shareholder returns at the forefront of all our strategic decisions. With that, thank you for your attention today. We do appreciate your support. We'll talk to you next quarter. Thank you, Joelle. thank you joelle Before we wrap up today's call, I want to leave you with a final thought on our royalties. before we wrap up today's call i want to leave you with a final thought on our royalties As a management team, we focus on capital returns and hence why we bought shares back in the quarter and increased our dividend by 18%. as a management team we focus on capital returns and hence why we bought shares back in the quarter and increased our dividend by 18% We'll continue to keep shareholder returns at the forefront of all our strategic decisions. we'll continue to keep shareholder returns at the forefront of all our strategic decisions With that, thank you for your attention today. with that thank you for your attention today We do appreciate your support. we do appreciate your support We'll talk to you next quarter. we'll talk to you next quarter

Speaker 4: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line. Ladies and gentlemen, this concludes your conference call for today. ladies and gentlemen this concludes your conference call for today We thank you for participating and ask that you please disconnect your line. we thank you for participating and ask that you please disconnect your line